QUANT TEAMS UP WITH BIS, BANK OF ENGLAND ON PROJECT ROSALIND AS TECHNOLOGY VENDOR

KUALA LUMPUR, June 19 (Bernama) -- Quant, the blockchain for finance pioneer, has announced its role as part of the vendor team for Project Rosalind, led by the Bank for International Settlements (BIS) and Bank of England, explored how application programming interfaces (APIs) could be used for central bank digital currency (CBDC) systems.

Project Rosalind, directed by the BIS Innovation Hub London Centre, has been testing how APIs could facilitate retail payments in CBDCs and support the exploration of innovative CBDC use cases.

The project looked specifically at a public-private sector collaboration model in which the public sector would provide core infrastructure, and the private sector would produce consumer-facing applications.

“For commercial banks and other institutions, the opportunity to apply this programmability to create innovative new products that differentiate themselves from challengers and competitors is almost endless.

“We encourage every bank and financial institution to read the Project Rosalind report and start planning their smart money infrastructure strategy,” said Quant Founder and Chief Executive Officer, Gilbert Verdian in a statement.

Quant partnered with UST, a leading digital transformation company, on the project, with Quant providing the underlying infrastructure and blockchain platform, secure smart contracts and interoperability of central bank ledgers, and UST building the frontend Rosalind API layer.

Collaborating with many participants in the ecosystem, the project has proven that APIs could play a key role in enabling CBDC systems to deliver a range of benefits in terms of payments functionality and security.

Another important outcome was innovation via exploring use cases, a world-first, that tested how CBDCs could support a more digitalised economy in the future. Quant has contributed to the work in designing and developing API functionalities to support innovation and to enable private sector programmability.

The London Innovation Hub Centre was established by Switzerland-headquartered BIS in 2021 and is one of six international nodes working to develop public goods in the technology space to support central banks and improve the functioning of the financial system.

-- BERNAMA