Cross-Industry Consortium Explores Future Digital Financial Market Infrastructure

2022-08-18 - 2022-08

As central banks across the world experiment with different types and versions of digital currencies, a new cross-industry consortium has launched in the UK to test payment rails for the global financial system. The Digital Financial Market Infrastructure (DFMI) is the body behind Project New Era, the UK’s first privately-led pilot set to evaluate the path towards a digital currency ecosystem in the UK, including regulated stablecoins and retail central bank digital currencies (CBDCs) in the country. Made up of commercial banks, payment providers, telecommunications providers, fintechs, NFT ecosytems and digital currency exchanges, members of the DFMI Consortium currently include IBM, Finastra, FinClusive, Ibanera, paywith.glass, Mattereum, Trust Payments and Accomplish Financial. Additional members are expected to join for the launch of the UK pilot. The industry initiative is under the coordination of Dutch financial infrastructure group paywith.glass SIG, with Boston Consulting Group as its consulting partner, and support from The Payments Association. Official global advisors include Rosa & Roubini Associates as macroeconomic advisors, Simmons & Simmons as legal counsel and Farrant Group providing strategic communications.

How Important Are Remittances and What Can Be Done to Improve the Process?

2022-08-18 - 2022-08

his August at The Fintech Times, we’re looking to highlight some of the amazing things fintechs are doing around the world. We are always hearing about the “latest groundbreaking innovation doing good for the community”, but are these innovations doing good for those in an already advantageous position, or are they helping make the financial world more accessible? To us at The Fintech Times, fintech for good means companies looking to help people who desperately need it, prioritising financial inclusion and sustainability.