- The Mojaloop Foundation, which works in the international money transfer and central bank digital currency sectors, has announced that it will open up a new centre of excellence.
- It will work on a range of problems, including how inefficiencies and cost-related problems can emerge in the context of faster payments, and it will also appoint a new director to head up the new organisation.
- “The Mojaloop CBDC Center of Excellence will further expand the Mojaloop Foundation’s efforts to advance financial inclusion in emerging markets,” said a spokesperson for the foundation.
A foundation working in the online money transfer and central bank digital currency sectors has launched a new centre of excellence.
The Mojaloop Foundation said that it had launched the Mojaloop Central Bank Digital Currency (CBDC) Center of Excellence (COE) in Singapore.
The aim of the new centre is to bring about enhanced financial inclusion in emerging markets, press reports said.
It will also aim to make the most of open-source software to help CBDCs become as useful as possible.
It will also look closely at how inefficiencies and cost-related problems can emerge in the context of faster payments.
The organisation has also made a senior hire to help the foundation grow.
Nick Drury, who has worked in the sector for around 25 years, will become the director of the organisation.
“The Mojaloop CBDC Center of Excellence will further expand the Mojaloop Foundation’s efforts to advance financial inclusion in emerging markets,” said the executive director of the Mojaloop Foundation, Paula Hunter.
“Led by our COE Director Nick Drury and supported by our Working Group, the COE will examine the ways in which CBDCs have the potential to make a wider spectrum of Mojaloop-enabled push-payment capabilities available to central banks and their citizens, merchants and digital financial institutions,” she explained.
“We’re also grateful to our partners, Ripple and Temasek, for their support, and we encourage all interested organisations to get involved in our COE initiatives,” she said.
Nick Drury, meanwhile, also offered comments.
“I am excited about the opportunity to lead the Mojaloop CBDC COE’s Working Group members and bring in additional organisations from across the region to investigate the ways that Mojaloop and CBDC technology can solve real-world challenges for emerging markets,” he said.
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