The Digital FMI Consortium is a cross-industry initiative founded by leaders of the global financial services industry, under the coordination of Dutch financial infrastructure group, paywith.glass SIG (Special Interest Group), with Boston Consulting Group as its consulting partner. The Consortium is a steering committee member of the UK's All-Party Parliamentary Group on Central Bank & Digital Currency.
The mission of the consortium is to reimagine and test new payment rails for the global financial system in the digital currency age, also known as 'Digital Financial Market Infrastructure (DFMI)'. Starting with Project New Era in the UK, the group will focus on real-world testing to evaluate a future digital currency ecosystem, environment and economy that includes the coexistence of current forms of money, regulated cryptoassets (including cryptocurrencies and stablecoins) and Central Bank Digital Currencies (CBDC).
The consortium intends to use the blueprint set out by Project New Era to launch private-sector pilots in multiple jurisdictions across the world.
Official global advisors to the project include Rosa & Roubini Associates as Macroeconomic Advisors and Farrant Group providing strategic communications.
The Members
The Digital FMI Consortium already has broad cross-industry support, with a number of high-profile tech firms, telecommunications providers, commercial banks and fintechs having joined as co-founders, including IBM, Clear.Bank, Finastra, FinClusive, Trust Payments, Ibanera, paywith.glass and Accomplish Financial.
The Pilot
Further consortium members will be announced upon the formal launch of Project New Era, the UK's first retail CBDC pilot, which will feature a live Digital Sterling (dSterling) stablecoin asset. The pilot will test high potential use-cases and provide empirical inputs to policymakers and regulators on future design considerations for CBDC development and stablecoin regulation.
The mission of the consortium is to reimagine and test new payment rails for the global financial system in the digital currency age, also known as 'Digital Financial Market Infrastructure (DFMI)'. Starting with Project New Era in the UK, the group will focus on real-world testing to evaluate a future digital currency ecosystem, environment and economy that includes the coexistence of current forms of money, regulated cryptoassets (including cryptocurrencies and stablecoins) and Central Bank Digital Currencies (CBDC).
The consortium intends to use the blueprint set out by Project New Era to launch private-sector pilots in multiple jurisdictions across the world.
Official global advisors to the project include Rosa & Roubini Associates as Macroeconomic Advisors and Farrant Group providing strategic communications.
The Members
The Digital FMI Consortium already has broad cross-industry support, with a number of high-profile tech firms, telecommunications providers, commercial banks and fintechs having joined as co-founders, including IBM, Clear.Bank, Finastra, FinClusive, Trust Payments, Ibanera, paywith.glass and Accomplish Financial.
The Pilot
Further consortium members will be announced upon the formal launch of Project New Era, the UK's first retail CBDC pilot, which will feature a live Digital Sterling (dSterling) stablecoin asset. The pilot will test high potential use-cases and provide empirical inputs to policymakers and regulators on future design considerations for CBDC development and stablecoin regulation.