Fnality Appoints Former Central Bank Officials to Governance Structure
Fnality, a blockchain payments firm backed by major financial institutions, has appointed former Bank of England Deputy Governor Jon Cunliffe to chair its UK board. Cunliffe will oversee Fnality's operations in the UK as the company prepares to expand its central bank money settlement network beyond sterling.
Former Deutsche Bundesbank executive Jochen Metzger has joined Fnality's European supervisory board, while Ron Berndsen, a former head of oversight and market infrastructures policy at De Nederlandsche Bank, has been appointed to the same board. The appointments bring three former central bank officials into Fnality's governance structure.
Fnality operates a blockchain-based wholesale payment system that allows banks to settle obligations using central bank-backed money. Its sterling payment system launched in 2023 and is regulated by the Bank of England. The company is now seeking regulatory approvals for dollar- and euro-denominated versions of the network.