Fnality Bolsters Central Banking Ties with Former Bankers Cunliffe and Metzger
Fnality, a blockchain settlement infrastructure provider, has strengthened its ties to central banking by appointing three former central bankers to its boards. The appointments include Sir Jon Cunliffe, a former Deputy Governor for Financial Stability at the Bank of England, as chair of Fnality's U.K. board.
Cunliffe brings over three decades of experience in market infrastructure and payments oversight, having chaired the Committee on Payments and Market Infrastructures at the Bank for International Settlements and sat on the G20 Financial Stability Board's steering committee.
Jochen Metzger, a former Deutsche Bundesbank Director General for Payments and Settlement Systems, joins Fnality Europe's supervisory board as expected to chair it. Prof. Dr. Ron Berndsen, a former head of oversight at De Nederlandsche Bank, also joins the supervisory board.
Fnality operates regulated, DLT-based wholesale payment systems that let market participants settle obligations using central bank money balances. The company has set up Fnality Europe GmbH in Eschborn, Germany for a proposed Euro Fnality Payment System, and Fnality Bank U.S. in Stamford, Connecticut to develop a U.S. dollar system.
Fnality's group CEO Michelle Neal said that the appointments will be instrumental in helping the company build out its global network, adding that regulated on-chain settlement services in central bank money balances are a prerequisite for tokenized asset markets to scale for wholesale use.