The European micro-credentials and professional qualifications certification system in the banking & financial services sector (thereafter- MiCreS) project ambition is to develop the first sector driven ecosystem for micro-credentials (blockchain-based) in financial services in Europe.
This proposal brings together a number of leading education, training and representative bodies in the EU. Each of the Consortium partners brings a set of complimentary experiences and expertise aligned to the proposal’s objectives. The overall aim of the project is to develop a European system for the certification of Professional Qualifications and related micro-credentials, implementing a prototype certification on ESG for the banking and financial services sector in Europe and in third countries and assessing the viability of a blockchain solution for the verification, storing and sharing of such credentials.
The project addresses a number of Policy challenges: including a growing number of people that need to update their knowledge, skills and competences (green and digital transitions, Covid-19 recovery) and the problems with communicating the value and understanding of micro-credentials. Leveraging a European association (EBTN) status and place in financial services enables the project to bring together a wide range of providers (education and training, private sector) and validate quality, transparency, and uptake of micro-credentials between and within countries and from one job to another. Developing a prototype of an additional node on existing production blockchain for digital credentials provides an opportunity to examine the application of blockchain technology to underpin European Digital Credentials and thus engendering greater adoption of Europass throughout Europe with the introduction of a digital wallet for credentials.
The project supports all three focus areas, though mainly the first two:
• Green transition: Frankfurt School and IOB have a strong track record in providing education in Sustainable Finance in line with the green transition. By developing micro-credentials in the field of ESG, the project aims to contribute to the shift towards a more sustainable and green economy. The certification system for ESG-related micro-credentials will help to ensure that the acquired skills and competencies are of high quality and relevant to the needs of the green economy.
• Mobility of micro-credentials: By establishing a European system for the certification of professional qualifications and related micro-credentials, the project aims to enhance the portability of acquired skills and competencies across Europe. As a European network, EBTN will support here to establish the necessary links between institutions. Additionally, the use of blockchain technology for the verification, storing, and sharing of such credentials will further enhance their mobility and accessibility for a wide range of beneficiaries.
• Inclusive labour market: By providing education and training on ESG topics through micro- credentials, the project aims to enhance the skills and competencies of a wide range of employees and students, including those from disadvantaged backgrounds. Our Consortium also consists of several (4) Southeastern European partners and EBTN has further members in the region as well as in third countries outside of Europe. This will enable us to better understand and consider the labour market needs in these countries and support the employability of individuals in more challenging environments. Further, having a labour union as part of our consortium (MUBE) allows us to align the outcomes/products of this project with the aim of a more inclusive labour market, where everyone has equal opportunities to develop their careers.
The specific outcomes of the proposal are: