BCB on Innovation Projects Selected for LIFT 2019 Edition
BCB notified that the Laboratory for Financial and Technological Innovations (LIFT), developed by BCB and Fenasbac, has resulted in 17 new projects for innovation in the National Financial System (SFN). The LIFT 2019 edition selected 20 proposals, out of which 17 completed the prototype development cycle. The resulting projects include blockchain technologies, artificial intelligence, payment models, and new application models for technologies already established in the market.
The teams are reviewing their final technical reports on the projects and preparing articles for the LIFT Magazine (2019 Edition), which will be launched in March 2020 during the LIFTDay—an event held by BCB to present the final versions of projects and to launch the new edition of LIFT. BCB was able to monitor the impact of its regulatory actions on innovation initiatives, understand the difficulties in applying technologies within regulatory limits, envision the opportunities for improvement, and the potential contribution of some technologies to the SFN.
The initiatives that have reached the final phase of LIFT include the following:
- SAz—This project is a services platform to integrate services from several financial institutions in a single application developed in Banking as a Service (BaaS) model.
- FINID: Digital Financial Identity—This project aims to create a unique, portable, and secure identity for financial institutions, with the client in control of their own personal data and enabling easy access to contract financial services.
- MIDAS—The project will enable access to financial applications to those who do not have the minimum amount of resources to access them and have little or no knowledge about the financial market. It also reaches those people whose return on their investments are negligible or nonexistent, educating them in practice in an interactive way.
- P2P Lending with Blockchain—This is a digital credit granting platform for small and medium-size companies in the P2P Lending model using Distributed Ledger Technology, where investors looking for greater profitability find investment opportunities and companies get a fairer rate.
- "Quadra Urbana"—It is a platform for the management and profitability of real estate assets, aimed at property owners and tenants, which will provide the structuring of real estate market data and make it possible to anticipate receivables rental for homeowners through a 100% digital experience.
- TransferHub—It is a digital financial technology platform aimed at the foreign exchange market, which performs the "matching" of foreign currency purchase and sale operations for international transfers.
Related Link (in Portuguese): Press Release
Keywords: Americas, Brazil, Banking, Securities, Fintech, LIFT, Blockchain, SAz, DLT, Artificial Intelligence, Technology, BaaS, BCB
Related Articles
US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
EBA Issues Guide on Bank Resolvability, Consults on Transferability
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
FCA Registers Securitization Repositories; PRA Issues 2022 Priorities
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
EC Regulation Sets Out Methods for Measuring K-Factors Under IFR
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
BIS Studies How Platform Models Impact Financial Stability & Inclusion
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
ESAs Publish List of Financial Conglomerates for 2021
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
APRA Licenses Two More Banks, Reduces Committed Liquidity Facility
The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.
EU Issues SII Corrigendum; EIOPA Assesses SII Reporting Exemptions
EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).
EBA Opines on Impact of De-Risking and Associated AML/CFT Challenges
The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.
