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FollowingFnality appoints Sir Jon Cunliffe, former Deputy Governor of the Bank of England, as Chairman of the UK Board of Directors, deepening central bank ties to promote the central bank's currency settlement network
Fnality, a blockchain settlement infrastructure provider, announced on September 10 that it has appointed Sir Jon Cunliffe, former Deputy Governor of the Bank of England, as Chairman of its UK Board of Directors. At the same time, two former ECB officials have also joined Fnality Europe's supervisory board. The appointment further deepens its ties to the central banking community as the company expands its network of regulated payment systems settled in central bank currency.
Three central bank veterans joined
Cunliffe was the Bank of England's deputy governor for financial stability and has 30 years of rich experience in market infrastructure and payment supervision. He has chaired the Payments and Market Infrastructure Committee of the Bank for International Settlements (BIS) and served as a member of the Steering Committee of the G20 Financial Stability Board. Jochen Metzger, former director of Deutsche Bundesbank's General Directorate for Payments and Settlement Systems, has joined Fnality Europe's newly established Supervisory Board and is expected to serve as chairman. During his tenure, he led the development of the euro system's TARGET2, T2S and TIPS systems. In addition, according to the company announcement, Professor Ron Berndsen, former supervisory director of the Dutch central bank, has also joined the Supervisory Board and currently serves as a senior independent non-executive director of LCH Limited and LCH SA.
Expand settlement scale with central bank currency
Fnality operates a distributed ledger technology (DLT)-based wholesale payment system that allows market participants to use central bank currency balances to settle obligations. The system will be officially launched in 2023 under the supervision of the Bank of England to operate the "Sterling Fnality Payment System". At the same time, to develop the euro Fnality payment system, the company established Fnality Europe GmbH in Esborn, Germany; to develop the US dollar system, it established Fnality Bank U.S. in Stamford, Connecticut.
What it means for tokenized markets
Michelle Neal, CEO of Fnality Group, said: "Sir Jon and Jochen have overseen critical financial market infrastructure throughout their careers... Their participation will be crucial to our global network." She added: "On-chain regulated settlement services based on the central bank's currency balance are a prerequisite for large-scale application at the wholesale level in the tokenized asset market." Cunliffe pointed out that the UK is leading financial innovation and that "pairing using the safest assets is crucial to maintaining financial stability."
This move follows a broader institutional trend and aims to build a tokenized market infrastructure. For example, Broadridge recently launched its DLX platform for the tokenized market.
