A financing subsidiary of the world's leading automobile producer General Motors Financial announced a partnership with the blockchain company Spring Labs intending to develop solutions that may boost the identity verification process.
Chief Strategy Officer at GM Financial Mike Kanarios commented in the recent press release:
"Today’s announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program."
Spring Labs CEO Adam Jiwan said that along with ID verification products his company is keeping a close eye on how the auto finance segment develops. He also added that the blockchain technology developed by their team will go into private beta in Q3 with only partners allowed to participate. Later in early 2020, the technology will become available for the public.
It should be mentioned that Gary Cohn who used to be Donald Trump’s economic advisor is in the Spring Labs board. The startup revealed that GM is mulling over the purchase of its shares apart from other use cases.
GM Financial representative said that the developments confirm the company’s commitment to advance in the crypto segment and GM is pleased to collaborate with Spring Labs under the SFIP programme.
"We are excited to partner with GM Financial to create solutions on our developing network to address vexing economic problems such as identity fraud," stated Adam Jiwan, CEO of Spring Labs
The general concept of the Spring Founding Industry Partners (SFIP) programme is to create solutions that will help to verify identity and prevent identity fraud. Besides, such solutions must comply with effective regulations. As for Spring Labs, the project succeed to encourage a number of other fintech companies, including SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox and Better Mortgage that joined the SFIP.