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
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