Ex-BoE deputy governor headlines trio of former central bankers joining Fnality

Fnality has named former Bank of England deputy governor Jon Cunliffe to chair its UK board as the blockchain settlement company develops euro and US dollar payment systems.

The company said Thursday that Jochen Metzger, a former Deutsche Bundesbank director general for payments and settlement systems, had joined its European subsidiary’s supervisory board and was expected to chair it. Ron Berndsen, a former senior official at the Dutch central bank, also joined the board.

Fnality’s sterling payment system launched in 2023 and is regulated by the Bank of England. It enables market participants to settle obligations using central bank money balances.

The company said its blockchain settlement infrastructure is designed to support tokenized asset markets and banks’ activity in stablecoins and tokenized deposits.

“As the tokenisation of financial markets gathers pace, settlement in the safest assets available will be crucial to maintaining financial stability,” Cunliffe said in the announcement.

Fnality has established a subsidiary in Eschborn, Germany, to develop its proposed euro payment system. It has also set up Fnality Bank U.S. in Stamford, Connecticut, where it is developing plans for a dollar system and engaging with US regulators.