Featured Product

    BCB on Innovation Projects Selected for LIFT 2019 Edition

    January 03, 2020

    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
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    News

    US Agency Publications Address Basel, Reporting, and CECL Developments

    The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances

    May 09, 2022 WebPage Regulatory News
    News

    SEC Extends Comment Period on Climate Risk Disclosures

    The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.

    May 09, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8187