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Central Bank launches laboratory for financial innovations

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nterested in financial innovation can propose projects that will be developed with the support of the Laboratory of Financial and Technological Innovations (Lift). The laboratory, launched today (9), in a ceremony in Brasilia, is an initiative of the National Federation of Servers of the Central Bank (Fenasbac), coordinated by the Central Bank (BC) and supported by technology companies and specialists.

According to BC’s Director of Administration, Carolina de Assis Barros, Lift is “a kind of pre-incubator of projects”. “Startups, university students, small technology companies, ie innovators, should come to the site and propose a business plan, from a list of themes and technologies, previously defined by the coordination of the Lift Management Committee” , explained the director.

According to the director, the projects should be aligned with the BC + Agenda, which consists of measures to make credit cheaper, increase financial education, modernize legislation and make the financial system more efficient.

Laboratory of innovations

“Once the idea is approved, the technologies needed for its development will be provided by the information technology companies that are our partners in the Innovation Lab. The development of the prototypes will be accompanied by servers of the Central Bank, “he added.

According to Ilan Goldfajn, financial innovations “have enormous potential for generating value for Brazilian society.” For example, Brazil is one of the pioneers in the use of technology to increase financial inclusion. Lift can be an important opportunity to propose solutions that translate into broadening the financial inclusion and, consequently, the economic and financial development of the country, “he said.

Another example, Goldfajn added, are technologies for reducing the use of paper money. “We have accompanied debates and the evolution of initiatives at an international level, seeking to consolidate and deepen understanding on the subject,” he said.

“There is a huge universe to be explored, and financial firms backed by technological solutions, fintechs, will increasingly shape competition in the financial system,” he said.