SETL

Did You Know? Last week, as you may be aware, SETL won third place in the EY RLN Hackathon. What you may not know is what our awesome team was able to construct. Our project centered on utilizing RLN APIs and our existing Smart Contract Framework to build a geographical location based payments system. Take a look at our video to review the demo. #RLN #EY #hackathon

🔴 Live Reporting: It’s a wrap……and what a couple of days it has been! Along with Jana Mackintosh and the judges we are thrilled to announce the winners of the Regulated Liability Network (#RLN) hackathon hosted in collaboration with UK Finance at our #EYFinTechLab. The innovation, creativity, energy and collaboration displayed by all participants was truly inspiring. So many great ideas coming from the teams: 1. Giving money purpose, ensuring earmarked money is used for the allocated purpose, such as green energy projects 2. Using the RLN to reduce the steps in a payments flow, which opens the door for previously unlockable value 3. Driving flexibility whilst delivering usability by giving users the ability to lock and unlock money when key milestones are met The fabulous judges were tasked with the difficult job of selecting their favourite ideas, but we’re delighted to announce: 🏆 1st Place: Kaleido - A groundbreaking solution delivering interoperability between assets and regulated liabilities, using RLN programmable assets for trading tokenized bonds on Ethereum Virtual Machine (EVM) networks 🥈 2nd Place: Commerzbank AG - Secure locking and unlocking of funds as milestones are hit, generating predictable cash flow management and operational efficiencies for commercial bank payments 🥉 3rd Place: SETL - With their very practical location-based payments, their solution would smooth processes in car parking payments and tolls 🌟 Notable Mention: Millicent Labs - Targeting the use of RLN to drive interoperability with public blockchains A huge thank you to all the participants and mentors who made this event such a success. We look forward to seeing the continued impact of these innovative solutions on the future of digital assets and payment innovation. Stay tuned for more updates and congratulations to all the winners! A special thanks to the six judges who has the unenviable task in making the decision to select the winners Jana Mackintosh, Peter Left, Tony McLaughlin, Jonathan Donovan, Lee Braine, Peter C. and Dan Moore #FinTech #UKRLNhackathon #EYFinTechLab

Excited to announce the launch of LedgerSwarm onto Temenos Exchange, the partner ecosystem of integrated fintech solutions. LedgerSwarm's orchestration tool enables tokenized deposits and smart contracts for Temenos users. It can be used for internal settlements between entities, to cross-border and cross-currency transactions offering a secure and compliant solution. LedgerSwarm works with your existing core banking and custody systems giving you the power of tokenization without having to reengineer your core ledgers with a DLT orchestration layer to ensure that all parties to a settlement digitally sign that settlement proposal before it is finalized.  Visit the Temenos Exchange platform to learn more. https://lnkd.in/eapaPRaw

The Digital Pound Foundation (DPF) is pleased to announce the appointment of two new Directors to its Board. Thomas Hawkins, who will represent Accenture, and Lee Schneider, an Originating Member of the Digital Pound Foundation, both join the Board with immediate effect. Thomas Hawkins is EMEA Lead for Digital Assets, Digital Currencies and Tokenisation at Accenture. Lee A. Schneider is a financial services and technology lawyer. Lee currently serves as General Counsel for Ava Labs, a blockchain software company, and also co-founded the education platform, Owl Explains by Ava Labs 🔺. Claire Conby, Executive Director, Digital Pound Foundation commented: “We are delighted to have two new Board members of such high calibre joining the DPF Board. We would also like to extend our thanks to Jannah Patchay and Andrew Whitworth, PhD (Ripple) as they step down from the Board. We are grateful to them both for their enormous contributions to the growth of the DPF”. The DPF has recently announced a number of new members including the addition of SETL and Chavanette Advisors to its membership community and strategic partnerships with Global Counsel and the UK Centre for Blockchain Technologies. On 23rd October the Foundation is also launching its inaugural annual conference - The Digital Money Event - as the destination annual UK event for discussing the implementation of a digital Pound and the broader impact of new forms of digital money on our economy and society. Interested in becoming a member of the Digital Pound Foundation? If you would like to learn more about DPF membership, and its many benefits and opportunities, please head over to our membership page (https://buff.ly/4bYU6IS), or reach out to Michelle Brook, Membership and Community Lead, directly via email: membership@digitalpoundfoundation.com ... #Announcement #UK #DigitalPound #DigitalMoney #DigitalCurrencies #DigitalAssets #Tokenization #AvaLabs #Avalanche #AVAX #Blockchain #DLT #Accenture

A Bank of England official, Deputy Governor Sarah Breeden, emphasized that the Bank has not yet decided on implementing a digital pound, often referred to as "Britcoin." The consultation process is ongoing, with the Bank exploring the potential role of central bank digital currencies (CBDCs) in the future of digital payments in the UK. The Bank initially launched a task force with the Treasury in April 2021 to assess the viability of a digital pound, which would coexist with cash and bank deposits. Breeden highlighted that over the next two years, the Bank will thoroughly evaluate the benefits, costs, and feasibility of a digital pound, using technology experiments and private sector collaborations to inform their decision. The Bank is also exploring distributed ledger technology (DLT) and tokenization, which could improve the efficiency and functionality of retail and wholesale payments, potentially benefiting customers, businesses, and economic growth. However, the Bank remains cautious about the risks of digital money potentially undermining confidence in the financial system.

In today’s fast-paced financial world, seamless, secure, and real-time settlement is more crucial than ever. With LedgerSwarm, harness the power of ledger orchestration to your existing banking and custody systems, without the need for a complete overhaul! Say goodbye to reconciliation errors and high operational costs. Experience the future of financial settlement with LedgerSwarm by SETL. Simplify, secure, and scale your operations today.

Banking Circle has launched #EURI, a new #stablecoin pegged to the #Euro that is fully compliant with the newly implemented Markets in Crypto Assets Regulation (#MiCA). This launch marks a significant milestone as EURI becomes the first bank-backed stablecoin regulated under MiCA in the European Union (#EU). Daniel Lee, Head of #Web3 at Banking Circle, highlighted the significance of this launch: “By merging cutting-edge #digitalasset technology with strict adherence to #European regulations, #BankingCircle is delivering a robust banking service that broadens the accessibility of #stablecoins. This launch lays the groundwork for future innovations in stablecoins and #tokenised #money.” Ran (Goldi) Goldshtein, SVP Payments and Network at Fireblocks, echoed the importance of such initiatives: “As financial institutions bring MiCA-compliant stablecoins to the European market, leveraging enterprise-grade technology and solid infrastructure is crucial for ensuring a secure and seamless user experience.” The launch of EURI is expected to invigorate the EU stablecoin market, which has traditionally lagged behind its #dollar-pegged counterparts, offering a new, reliable option for users seeking 24/7 access to #digitalcurrency. Read the full story 👉 https://buff.ly/3YWVasw ... #Blockchain #DLT #Payments #FinTech #Banking #Finance #Crypto #Cryptoasset #Europe #Banking #Cryptocurrency

India's central bank digital currency (CBDC) pilot program has surpassed 5 million users, marking a significant milestone. The Reserve Bank of India (RBI) is proceeding cautiously with the e-rupee's rollout, focusing on understanding its impact on the financial system, monetary policy, and users. Although the pilot, which began in December 2022, has incorporated advanced features like offline payments and programmability, adoption has been slow, highlighting challenges in scaling the CBDC. The RBI's careful, data-driven approach reflects its commitment to addressing these challenges before full implementation. Internationally, India is positioning the e-rupee to strengthen the Indian rupee's role in global finance and reduce reliance on the U.S. dollar. The RBI is considering collaboration with international bodies to establish standards for cross-border CBDC transactions. India's strategic approach aims to make the e-rupee a significant player in global finance, potentially offering more efficient and cost-effective options for international payments. The gradual expansion of the CBDC pilot underscores its potential to reshape both domestic and international financial systems.

The National Bank of Cambodia (NBC) has introduced the Bakong Tourists app to enhance payment options for visitors using its blockchain-based Bakong payment system. The app integrates with the Chinese UnionPay system and can be used in Cambodia, Thailand, Vietnam, and Laos. Given Cambodia's limited point-of-sale systems and ATMs, the app enables users to make purchases at 3.3 million locations using QR codes, as well as send and receive money, deposit funds, and convert currencies. Users have a daily spending limit of $500, which can be increased to $3,000 after completing Know Your Customer (KYC) verification. The app is available on Google and Apple stores, and users can add funds through partners like banks or hotels. NBC is also working on agreements to link Bakong accounts with international payment cards and plans to connect with Malaysia and South Korea later this year. Bakong, launched in 2020 with Japanese blockchain company Soramitsu, has also inspired similar projects in Laos and is envisioned as the foundation for a regional payment system involving several countries, including India and China.

The European Central Bank (ECB) has invited participants to a workshop focused on the future of business-to-business (B2B) payments, exploring whether corporates have a specific need for central bank digital currencies (CBDCs). While the ECB's digital euro project has so far focused on personal and government payments, and its DLT-based initiatives target institutional settlements, the business sector remains underexplored. The workshop will discuss topics such as holding limits on the digital euro, the potential use of Germany’s Commercial Bank Money Token (CBMT), and stablecoins in corporate settings. The ECB aims to understand why current commercial bank money might not meet corporate digital payment needs and whether there is a need for direct access to central bank money. The workshop invites representatives from corporates, banks, and payment providers to apply by September 13.