FNA & Giesecke+Devrient launch world’s first central bank digital currency simulator

Karthik Subramanian

Giesecke+Devrient (G+D), the German security group, and Financial Network Analytics (FNA), a deep technology firm that is UK based, have announced that they have launched the world’s first central bank digital currency (CBDC) simulator.

It is believed that over 60 central banks around the world are busy developing and testing their own versions of the digital currency but if they all need to move towards a fruitful end, they would need to cooperate and come to a conclusion or a protocol that would help the various currencies to be interchangeable. Also, these digital currencies, like any other crypto, are liable to be hacked as well and so security is paramount for CBDCs.

It is here that simulators, modelling and testing would become key and software platforms like those that have been launched now by the partnering companies would play an important role in the development of CBDCs.

FNA’s Founder and CEO, Dr Kimmo Soramäki, added: “Our mission is to make the financial system safer and more efficient, and for more than a century, G+D has had the same objective, making them a perfect partner. As technology continues to change the world, how we interact with money is next in line for disruption. The unique combination and capabilities of FNA and G+D will allow us to provide the necessary software financial regulators and institutions need to prepare for the next evolution of the global financial system: the launch of the central bank digital currency.”

G+D has also invested in FNA to further their partnership beyond the platform development and it further expands the partnership between the two companies. The companies have also reported that existing investors like IQ Capital and GettyLab have also further invested in this new funding round.

Though the CBDC development has been going on for some time, it is still not very clear whether the central banks have fully and truly understood the financial and economic ramifications of such a move and whether these legacy banks have a deep understanding of how the underlying technology works as each of them work with a different technology partner.

As a security technology firm associated with several banks, G+D hopes to utilise their knowledge of how the current systems work and ensure that the banks employ high tech modelling and platforms to build their CBDCs with time.



Read this next

Digital Assets

As SPAC bubble bursts, Circle terminates its $9 billion merger with Concord

USDC stablecoin issuer, Circle has terminated its planned $9 billion SPAC merger with publicly traded blank-check company Concord Acquisition Corp.

Institutional FX

Integral reports lowest FX volume in two years

Foreign exchange trading volumes dropped in November across Integral’s trading platforms as currency markets saw a relatively quiet period after consecutive months of strong trading activity.


CDEX: Avelacom announces connectivity to Cboe Europe Derivatives

“We anticipate that many of our customers from Asia will be particularly interested in getting exposure to pan-European products via just one venue, which CEDX offers.”

Retail FX

BUX acquires Spanish Ninety Nine’s retail brokerage unit

“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”

Digital Assets

SEBA and HashKey partner to expand crypto in Hong Kong and Switzerland

SEBA Bank AG has announced a new strategic partnership with HashKey Digital Asset Group as part of both firm’s expansion efforts in Hong Kong SAR. 

Executive Moves

Broadridge appoints Martin Koopman as Chief Product Officer

“Martin has a proven record of driving product innovation both at Broadridge and at previous companies. His vision and proven ability to execute will be invaluable as we become the foremost SaaS provider to the financial services industry.”

Digital Assets

DAM rolls out Moonwalkers v1 testnet ahead of support for yield-generating collateral

“We want to champion innovation by making it easier to securely direct stablecoin liquidity away from Ethereum towards newer networks without the constant vulnerabilities posed by bridges. d20 will help accelerate the adoption flywheel of emerging networks, and this is our first step towards making our omnichain promise a reality.”

Institutional FX

FIA EXPO: ICE’s Brian Norris talks ESG investment, carbon credits and market data

The FIA Futures & Options Expo, now in its 38th year, convened the listed derivatives dealers, thought industry leaders and other stakeholders for two days of networking.

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.