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

    APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness

    APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).

    December 02, 2021 WebPage Regulatory News
    News

    EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance

    The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).

    December 01, 2021 WebPage Regulatory News
    News

    FSB Sets Out Good Practices for Crisis Management Groups

    The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.

    November 30, 2021 WebPage Regulatory News
    News

    APRA Penalizes Heritage Bank for Incorrect Reporting of Capital

    The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Releases Annual Report 2021-2022

    The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.

    November 29, 2021 WebPage Regulatory News
    News

    OSFI Updates Timeline for Implementation of Certain Basel Rules

    Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.

    November 29, 2021 WebPage Regulatory News
    News

    EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR

    EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.

    November 29, 2021 WebPage Regulatory News
    News

    FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR

    The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.

    November 29, 2021 WebPage Regulatory News
    News

    APRA Finalizes Capital Adequacy Standards for Banks

    The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.

    November 29, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.

    November 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7751