Ambitious new plans to help fintechs scale up and ensure the UK remains at the cutting edge of digitalising finance were announced by the Chancellor today (19 April 2021).
This represents the most concrete step forward and high profile endorsement for the potential of wholesale CBDC.
In welcoming the Bank of England’s new policy introducing an omnibus account model Rishi Sunak, Chancellor of the Exchequer (UK) signaled the innovation this model will enable.
Adhara believes the arrival of central bank policy in this space enables innovation opportunities for both new services in the market leveraging the digital cash settlement assets (including CBDCs) but also for individual banking groups to use the same construct internally to deliver bottom line benefits for group liquidity management, payments hubbing and ultimately extending the benefits of tokenised liquidity to their corporate clients.
For more information on the announcement from HM Treasury visit https://www.gov.uk/government/news/ambitious-plans-to-boost-uk-fintech-and-financial-services-set-out-by-chancellor