The Digital Financial Market Infrastructure (DFMI) Consortium is a UK-based cross-industry initiative founded by leaders of the global financial services industry, under the coordination of digital asset infrastructure company paywith.glass, embedded compliance company FinClusive, Finastra, Clear.Bank and IBM, 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 and a steering committee member of the All-Party Parliamentary Group on Web3.0.
The mission of the consortium is to reimagine, design and test new payment rails for the global financial system in the digital economy age. Following this, through public-private collaboration, it aims to coordinate the deployment of the best practices derived from this design and testing, in the form of new national 'Digital Financial Market Infrastructure (DFMI)'. Starting with Project New Era in the UK, the group has focused on real-world testing to evaluate a future digital asset ecosystem, environment and economy that includes the coexistence of current forms of money, regulated cryptoassets (including cryptocurrencies and stablecoins), tokenized deposits, tokenized real-world assets (RWAs) and Central Bank Digital Currencies (CBDC).
The consortium intends to use the blueprint set out by Project New Era to launch private-sector pilots and public-private led digital economy implementations in multiple jurisdictions across the world.
Official global advisors to the project include Rosa & Roubini Associates as Macroeconomic Advisors, Goodwin Procter & DLA Piper as Legal Advisors and Hourglass 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 Consortium is a steering committee member of the UK's All-Party Parliamentary Group on Central Bank & Digital Currency and a steering committee member of the All-Party Parliamentary Group on Web3.0.
The mission of the consortium is to reimagine, design and test new payment rails for the global financial system in the digital economy age. Following this, through public-private collaboration, it aims to coordinate the deployment of the best practices derived from this design and testing, in the form of new national 'Digital Financial Market Infrastructure (DFMI)'. Starting with Project New Era in the UK, the group has focused on real-world testing to evaluate a future digital asset ecosystem, environment and economy that includes the coexistence of current forms of money, regulated cryptoassets (including cryptocurrencies and stablecoins), tokenized deposits, tokenized real-world assets (RWAs) and Central Bank Digital Currencies (CBDC).
The consortium intends to use the blueprint set out by Project New Era to launch private-sector pilots and public-private led digital economy implementations in multiple jurisdictions across the world.
Official global advisors to the project include Rosa & Roubini Associates as Macroeconomic Advisors, Goodwin Procter & DLA Piper as Legal Advisors and Hourglass 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.