- Gary Chu, Adam Clarke and Daniel Heller will all join London-based Fnality
- Fnality is creating distributed Financial Market Infrastructures (dFMIs) for the future of banking
- “Having such high-quality individuals join us is validation of our plans and commitment to changing our market infrastructure to evolve to meet the challenge of a digital economy”, says CEO
A firm dedicated to providing blockchain-based payment services for the financial markets has announced it will add three key hires to its staff list.
Gary Chu, a former Executive Director at major bank UBS, will join London-based Fnality as General Counsel. Adam Clarke will become Chief Technology Officer (CTO), and Daniel Heller, who formerly worked for the International Monetary Fund, will become Fnality’s Head of Regulatory Affairs.
The hires are a sign that the organisation, which is powered by a consortium of major organisations such as Lloyds Banking Group and Credit Suisse, is serious about its mission to improve online money transfer in the digital economy.
Fnality’s stated task is to craft a “regulated settlement network” which uses distributed ledger technology, or blockchain, to create the payments system of the future.
It is creating a range of interlinked but distributed Financial Market Infrastructures (dFMIs).
It is also creating what is known as a “digital settlement asset”, or “Utility Settlement Coin”, to be associated with each currency it works with.
There are lots of different institutions behind the group, including Barclays, Credit Suisse, MUFG Bank and more. Some stock exchanges are also involved, such as Nasdaq.
The stated aim of the group is to “make settlements as easy as possible by setting the standards for tomorrow’s tokenised financial market infrastructure”.
The new hires all expressed positive perspectives on their new status as Fnality team members.
“Having been involved with the USC Project since 2015, it was an opportunity I could not pass up on, when offered the chance to move to Fnality full time”, said Chu.
“I am looking forward to dedicating myself to making our USC vision and the Fnality goal of creating a network of decentralised Financial Market Infrastructures (dFMIs) a reality”, he added.
The CEO of Fnality, Rhomaios Ram, said that he was “pleased” about the development.
“I am pleased to welcome Adam, Gary and Daniel to the team”, he said.
“Having such high-quality individuals join us is validation of our plans and commitment to changing our market infrastructure to evolve to meet the challenge of a digital economy.”
“Gary brings with him an in-depth understanding of the USC Project. He has been a key member of the former consortium legal team, in his previous role at UBS, contributing to our engagement with central banks, and helping to navigate the project through the initial creation and subsequent growth of the consortium to the establishment of Fnality”, he added.
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