Online Digital identity is becoming increasingly important. The need for a reliable way of verifying online digital identity is essential for secure online interactions. W3C Verifiable credentials have emerged as a promising solution to this challenge by providing individuals the opportunity to share their identity information securely. The existing verifiable credential landscape is fragmented, when it comes to understanding the context of the covered claims, making it difficult for verifiable credentials issued by different issuers to be verified by different verifiers. Standardizing verifiable credential schema is essential to address these interoperability challenges. A standardized schema can lead to a more efficient, consistent, and secure digital identity ecosystem. In this talk, we cover the scope, purpose and deliverables of a new OASIS working group that aims to define a lightweight identity credential schema, based on the W3C Verifiable Credential (VC) standard, to enable individuals (VC subjects) to share their verified identity attestations across different platforms and services. The work will cover KYC, KYB and Financial institutions related credentials.