2 weeks Ago By Lauren Hinton
September 19 2024 AMINA Bank , a leading global crypto bank, is excited to announce its participation in Project Agorá , launched by the Bank for International Settlements (BIS), a group of leading central banks, and the Institute of International Finance (IIF) to explore how tokenization can enhance wholesale cross-border payments. Project Agorá is structured as a public-private collaboration and brings together seven central banks: Bank of France, Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England, and the Federal Reserve Bank of New York, convened by the BIS. AMINA Bank is one of the private financial firms, convened by the IIF, that will proceed to the next phase in the exploration of how tokenization can enhance wholesale cross-border payments.
Franz Bergmueller, CEO at AMINA said: “We at AMINA Bank relish the opportunity to participate in Project Agorá, a groundbreaking initiative that represents a significant step forward in the continuing evolution of cross-border payments. Project Agorá is set to disrupt the financial system and bring it to a level where it is not only faster, but also more secure and inclusive. Smart contracts and DLT are two major components of blockchain technology which will be the driving force of the banking sector in the future.
Similarly, the market for asset tokenization is rapidly growing and estimates indicate that it could reach $16 trillion by 2030, which is 10% of the world’s GDP. These developments highlight the significance of Project Agorá, and we are privileged to be part of this change process.” The project builds on the unified ledger concept proposed by the BIS and will investigate how tokenized commercial bank deposits can be seamlessly integrated with tokenized wholesale central bank money in a public-private programmable core financial platform.
This could enhance the functioning of the monetary system and provide new solutions using smart contracts and programmability while maintaining its two-tier structure. This major public-private partnership will seek to overcome several structural inefficiencies in how payments happen today, especially across borders, which add a layer of challenges: different legal, regulatory and technical requirements, operating hours and time zones. Plus the increased complexity of carrying out financial integrity controls (e.
g. against money laundering and customer verification), which today are often repeated several times for the same transaction, depending on the number of intermediaries involved. Franz Bergmueller AMINA Bank AMINA Bank Crypto Fintech News News Fintech.
