Former BoE Deputy Governor Joins Fnality as Chairman of UK Entity

ChainCatcher report, according to Bloomberg, Jon Cunliffe, former Deputy Governor for Financial Stability at the Bank of England, has joined blockchain payment company Fnality as Chairman of its UK entity. Jochen Metzger, former Director General of Payment and Settlement Systems at the Deutsche Bundesbank, has been appointed to the Supervisory Board of Fnality Europe and is expected to serve as its Chair; Ron Berndsen, former Head of Supervision and Head of Market Infrastructure Policy at De Nederlandsche Bank, will also join the Supervisory Board. Fnality operates a wholesale payment system that enables banks to settle obligations using central bank money balances. Its pound sterling system, regulated by the Bank of England, launched in 2023 and is currently seeking regulatory approval to launch versions in US dollars and euros. Fnality states that the system is designed to support the tokenization of traditional assets such as stocks and bonds, enabling synchronized movement of securities and payment funds across interconnected digital networks, thereby reducing settlement times and enabling 24/7 trading. Founded in 2019, Fnality’s investors include major financial institutions such as Goldman Sachs, UBS, Santander, Bank of America, and Citigroup.