back Back
Seeking to raise capital? Seeking to invest? Click Here & Express your early interest to be a part of IBS Intelligence’s new fund initiative.

FINOS, Hyperledger Foundation, DDP to drive development for CBDCs

By Edlyn Cardoza

May 27, 2022

  • CBDC
  • central banks
  • FINOS
Share

CBDC, FINOS, Hyperledger Foundation, The Digital Dollar Project, Central Banks, Private-public Partnerships, Stakeholders, USACentral Bank Digital Currency (CBDC) has the power to transform economies — connecting people, governments, businesses, and organisations locally and globally through technology that could not have been imagined even 20 years ago and with more advances on the way.

Experimentation is central to answering any question, especially one with as many stakeholders, variables, and “unknowns” as CBDCs. Without open-source development and collaboration between stakeholders, each will have to invest significant resources to build code independently and will have no way to avoid duplicating efforts or mistakes.

“To achieve success, we must experiment, question, interrogate, and evaluate without fear of failure. We must share information openly and freely across borders, industries, and institutions to create a rich dataset that drives innovation and decision-making.

That’s why we are thrilled to announce that Fintech Open Source Foundation (FINOS), Hyperledger Foundation and The Digital Dollar Project (DDP) are joining forces to create an open community dedicated to experimentation, information sharing, and discussion around CBDCs, ensuring that central banks that decide to embark upon researching or deploying CBDCs are doing so with the best available secure technology.

Each organisation’s unique community will contribute to building a neutral place to collaborate, use, share, and build technologies that advance the exploration of CBDCs. Our aim is to bring together a global forum of practitioners and stakeholders to engage in open collaboration and development and to forge private-public partnerships for experimenting, sharing knowledge, and working together on open standards and research,” said the company in a press release.

FINOS is a nonprofit whose mission is to foster the adoption of open source, open standards and collaborative software development practices in financial services. It is the centre for open source developers and the financial services industry to build new technology projects that have a lasting impact on business operations. As a regulatory compliant platform, the foundation enables developers from these competing organisations to collaborate on projects with a strong propensity for mutualisation. It has enabled codebase contributions from both the buy- and sell-side firms and counts 30+ major financial institutions, fintechs and technology consultancies as part of its membership.

Previous Article

May 27, 2022

Muse Finance appoints Darren Ross as Head of Embedded Risk

Read More
Next Article

May 27, 2022

Government of Telangana signs a Digital State Partnership MoU with Mastercard

Read More










IBSi Daily News Analysis

Tech, Banking, UK

October 07, 2022

CBDC

Despite massive investments in IT, UK banking customers remain skeptical

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

BKN301 Tech launches 301pay

Read More

October 06, 2022

ZenLedger partners with BitPay to accept cryptocurrency payments

Read More

October 03, 2022

YES BANK executes first cross-border live transaction on the SLDE platform

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
IBS Intelligence - Wealth Management & Private Banking Systems Report Q2 2022
Wealth Management & Private Banking Systems Report Q2 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022