Global Finance’s 6th annual listing of the world's best financial innovation labs showcases the digital and financial-industry trends occupying the world’s leading innovators.
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Hey, look! Artificial intelligence works. Consider the paragraph above. It is an AI-generated answer to the question “What is Global Finance magazine?” Certainly, this is simple response to a simple query. But artificial intelligence—loosely defined as computing processes programmed to mimic human thinking and learning—is increasingly being used to solve thorny, near-universal challenges faced by financial institutions.
Whether trying to help banks penetrate new markets, improve overall operations or better secure data, many of the innovations to emerge in the past year from the notable fintech hubs, labs, incubators and accelerators examined by Global Finance depend on AI. AI is even helping financial institutions navigate the compliance labyrinth. But AI isn’t the only technology driving change: machine learning, blockchain and cloud computing also continue to push the boundaries of what can be accomplished.
And not all innovations are technological. Our sixth annual review of the World’s Best Financial Innovation Labs, we pull out the trends emerging from these industry-leading innovation centers. This year, there are many new digital tools, of course, but we also found ingenuity in designing new financial products, education and training programs, marketing initiatives and more.
For our complete listing of the world's leading innovation labs, click here.
Improving KYC processes
The anti-money laundering (AML) landscape is constantly evolving. Worldwide, banks are caught in a cycle of new crimes giving birth to new laws leading to ever-more-stringent know-your-customer (KYC) requirements. Several labs have fostered innovations designed to make AML compliance easier.
Based in Zurich and Singapore, Tenity bills itself as a “global innovation ecosystem.” Acting as both an incubator and accelerator, it has thus far secured more than $370 million in funding for roughly 250 corporate alumni. Among these is the Swiss fintech Relio, which has secured €3 million in investments for its AML tech stack. Relio technology automates AML compliance processes, particularly for neobanks. Arduous and ineffective due-diligence processes coupled with the international flow of money left many would-be neobank business customers having to wait too long to open accounts. Often, these same customers had their accounts frozen during mandated periodic AML screenings. Relio has developed an automated compliance system to perform these checks more quickly and precisely.
Similar AML work is being undertaken in a variety of innovation hubs. Deutsche Bank Innovation Center worked with WorkFusion to automate a number of AML processes safely and efficiently, along with onboarding tasks, mortgage processing and other bank operations that otherwise require a tremendous amount of manual work. Among the more than 200 startups accelerated by DIFC Fintech Hive is RegTick, a software platform that contains a regularly updated library of industry regulations and an intuitive interface to help organizations understand, and comply with, regulatory requirements. Meanwhile, Deontic Data, incubated in Accenture’s Fintech Innovation Lab, co-founded by Accenture and the Partnership Fund for New York City, is working with data originators and providers to automate the data supply chain, and secure it in alignment with AML statutes.
Strengthening Data Security
As Deontic Data illustrates, the need for data security aligns with AML compliance. Here, too, innovation labs are on the job.
Founded in 2018, Taiwan’s CTBC Internal Data and AI R&D Center now employs more than 100 people. It has thus far collaborated with 26 bank departments on more than 40 projects. Two significant projects to recently arise from the Center focus on keeping both bank and customer data safe. The first innovation detects suspicious SWIFT messages. SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a massive messaging network used by banks to communicate sensitive information quickly and securely, such as money transfer instructions, international payments and acceptance of credit card payments. Manual review of each message is time-consuming and error prone. CTBC has developed artificial intelligence and natural language processing technologies to develop an automated semantic understanding of SWIFT messages, quickly reading and classifying them. The system automatically identifies suspicious messages for human review—significantly reducing the amount of time bank employees must spend reviewing SWIFT messages.
In the time of Covid-19, when expectations for virtual services ran high and the pandemic restricted some personal movement, the Center developed a “video witness” program for loan applications. The people required to witness corporate loans cannot always visit bank branches. To compensate, the Center developed AI-powered video technology that combines verification capabilities with videoconferencing to serve loan customers from anyplace, while maintaining a level of security similar to that of a face-to-face meeting. Visual AI is used to recognize customer IDs, and machine reading of passports enables bank employees to verify document authenticity. AI then helps bank employees compare these photo IDs to that face of the applicant, ensuring the two match. AI-powered document proofreading technology compares the content of the loan documentation the customer has signed against that offered by the bank, reducing manual comparison time and mitigating the risk of contract terms being tampered with.
Additional security innovations range form improving attack predictions to combining different types of security operations on a single platform.
Arab Bank Innovation Lab (AB Ihub) recently bowed a series of four bootcamps across the Middle East. More than 50 startups participated. Top fintechs received cash prizes of up to $45,000, along with an opportunity to conduct a proof of concept or pilot with Arab Bank. Among the startups nurtured in the innovation lab was the San Diego-based SecLytics, an attack-prediction platform that can predict cyberattacks, on average, more than 51 days before they occur with more than 97% accuracy. Arab Bank is using SecLytics’ machine learning algorithms to identify threats targeting Arab Bank’s technology infrastructure. With SecLytics’ information in hand, the bank can block the IP addresses of would-be attackers, along with the IP addresses of their known affiliates.
The CZBank Network Security Innovation Laboratory was officially launched in 2022. An effort to protect CZBank, the laboratory focuses on innovative practices in the fields of network security, defense systems, DevSecOps systems and data security. It has thus far completed 10 security innovation projects. Among them are the data leakage-prevention security system. This project is a unified plan for securing data at every step of its lifecycle — including generation, transmission, storage, application, sharing and destruction. A second project seeks to embed threat intelligence data into the bank’s security operation platform, greatly reducing time to insight and triggering automated response processes as necessary. Finally, Synechron, a New York–based IT and consulting company with fintech acceleration programs around the world, is creating an enterprise governance, risk and compliance platform. The platform will provide unified IT audits, risk management, information security, data management and IT governance capabilities.
Streamlining Bank Operations
The possibility of automating bank operations propels the use of AI and analytics in FIs. And automation opportunities go beyond AML and data security. In fact, at BBVA AI Factory, the processes starts with automating the programming of AI itself. The Factory is creating tools for the reuse of analytical and data templates within the bank.
Imagine you have hardware you want to sort. First, you want separate storage bins for your screws, for your nails, for your nuts and for your bolts. Then you want another set of storage bins where you can keep some screws and nails together, some nuts and bolts together, some nails and nuts together. Oh, and you live in a world in which prefabricated containers don’t exist, so you have to manufacture each one yourself.
This is a little like how artificial intelligence is programmed. Machine-learning models (the “storage bins”) must be trained to recognize the data they’re studying—or the bits of hardware to be stored. And just because the machine learning model understands what a “nut” is and what a “bolt” is, it doesn’t mean that the model understands a “nut and bolt” combination: the model must be trained again to understand how the two work together. It’s a time-consuming, arduous process.
The Mercury library at BBVA may make life easier for AI engineers working within the bank. Its goal is to streamline and share the use of AI code components to speed development of AI products. Mercury is 300,000-line open code library for the 700-person AI Factory community; anyone can view, modify and submit changes. The code is modular, enabling users to install only the specific parts of the library they require to complete projects. Data scientists can reuse components as their needs dictate.
Innovations from OTP Bank Innovation Lab, BNY Mellon Enterprise Innovation Group and Copenhagen Fintech Lab also focus on improving bank operations.
Turning a cost center into a profit center is certainly an improvement in operations. OTP Bank Innovation Lab has nurtured a startup called Ender Turing that strives to do just that.
Ender Turning, based in Estonia, has developed an AI-based platform that analyzes customer service calls, chats and emails. Its platform is able to analyze up to 100% of customer service communications, compared to the 1% to 5% that are typically used in banks’ quality reviews. With a nearly complete overview of all inbound communications, the bank is better able to chart the quality of its customer service and make improvements as needed. The platform can also be used to ensure debt collection processes follow strict legal protocols.
Better yet, Ender Turing’s platform can help banks turn a profit.
“Usually contact centers are cost centers,” says Ender Turing CEO Olena Iosifova. “People call in for help, and the bank pays customer service representatives’ salaries to provide that help. With our platform, banks can now convert inbound customer service communications into sales. A customer calls with a question, and the goal of every employee is to turn this conversation into a sales process. They can offer great service, then immediately give customers an idea of a new product or service that might benefit them. They can do this because we track customers’ emotions, and their relationships with the bank, to really understand what products or services would benefit them.”
How else can AI help improve bank operations?
AQRisk, a graduate of Copenhagen Fintech Lab, deploys analytics and automation to improve financial industry decision making, increase automation and better utilize resources. Nurtured in Startup Bootcamp, Delega is a treasury management application that allows companies to give banks digital access to all the information needed to create and maintain signatory records. This process enables corporate treasurers to comply with audit requirements more easily. It also speeds the process of banks receiving signatory information and improves the accuracy of signatory records. BNY Mellon Enterprise Innovation Group has worked with Access Fintech, a company offering a collaboration platform to improve work in the financial industry.
Reaching New Markets
In addition to better serving their customers, the point of all this, of course, is to help financial institutions spend less and make more. Another route to improved profitability, as identified by the products nurtured in fintech labs, is expansion into new markets and deeper penetration into old ones. Here too, AI can help.
WeArisma was nurtured by the Morgan Stanley Inclusive Ventures Lab (formerly the Morgan Stanley Multicultural Innovation Lab). The lab strives to nurture companies led by traditionally underrepresented populations, including women and people of color. It has thus far accelerated 69 companies in New York, Europe, the Middle East and Africa. The WeArisma platform provides analytics on influencer interactions with brands and companies to help large financial institutions and others connect to a rising generation of customers. According to founder and CEO Jenny Tsai, the WeArisma platform contains six years of data on the influencer landscape, including information on social media influencers, the press, celebrities and content creators. The WeArisma platform uses this data to understand how influencers promote, discuss or recommend different companies, brands and products. This information can be used by financial institutions to find ways to impact the social media landscape, better targeting marketing spending to connect with a new generation of customers.
“We help companies answer the questions, “What is our brand value? What is our brand health on social media?” Tsai says. We help them understand that customers no longer go straight to a brand’s web site to get information about the brand. People find out about a company through word of mouth—through influencers we interact with every day on our phones. We’re all in our own bubbles of feeds. Brands need to determine how to penetrate them to earn mind share. Once you know how your brand is perceived, that can inform your communications objectives and help you achieve them.”
WeArisma is just one of a plethora of innovations that strive to help financial institutions find new customers. Late 2021 saw the launch of Reflect, the first neobank in Jordan. It was created by the Arab Bank Innovation Hub. In February, Reflect expanded into Palestine. A fully digital bank, it was designed specifically to attract millennials and Generation Z, consumer groups who expect a full banking experience on their smartphones. The Reflect app’s features enable account holders to transfer funds among registered users, shop an online marketplace and meet personal finance goals. Reflect also provides users with exclusive offers and discounts tailored to the customer’s lifestyle and interest. Recently, the Innovation Hub worked with Dateio, a Czech analytics fintech, to help Reflect understand its customer more deeply in order to better tailor offerings including credit cards and buy now/pay later programs.
Widening Inclusion In African Markets
Wenov by Attijariwafa Innovation Lab, based in Morocco, supported the creation of more than 100 proofs of concept between 2020 and 2022. It is reaching further into the African market through the establishment of a corporate venture capital fund. Called Positive Invest, it will fund new fintech and insurtech startups on that continent. Investments will run between roughly $200,000 and $4 million per company.
E-doc Online, nurtured by Startup Bootcamp, leverages 120 data points in its credit risk model. These data points give credit decision-makers criteria beyond traditional credit scoring on which to judge an applicant’s creditworthiness. A current E-doc Online project targets Nigerian expatriates. Noting that 17 million Nigerians live outside of their country and often have trouble obtaining financial services in their new countries, E-doc Online acts as a data bridge between non-Nigerian and Nigerian banks, enabling expats to access financial products in Nigeria.
DIFC Fintech Hive is also making strides in the African market. It has nurtured Brij, a fintech enabling trade across Africa by proving a suite of cross-border payment solutions. These enable personal and business users to buy, sell, submit invoices and receive payments more easily.
Better Serving Business Customers
Like any corporation, financial institutions are always looking for ways to better serve their customers—including large and small businesses, retail customers and even potential customers yet unbanked.
Significant AI innovations are being made in the field of improving banking relationships with large businesses. Helping these companies better manage the supply chain seems to be an area of focus. FinTech Innovation Lab has nurtured Ion Channel, a software supply chain management platform that monitors security risks from third-party software suppliers: vendors, application developers, contractors and others. Deloitte Catalyst bowed a digital tracking platform that combines insights from the Internet of Things with business data to support real-time monitoring of asset locations and movements. This helps improve supply chain efficiency and reduce costs while improving inventory forecasting. Among the 86 startups nurtured by Seoul Fintech Lab is SCM Solutions, a fintech that offers easier-than-traditional supply chain financing for ecommerce sellers.
At Bank ABC’s ABC Lab, innovations for larger customers include a digital marketplace portal enabling corporations to better manage finances. The portal offers apps for cash management, supply chain management, trade finance, banking services and industry insight. Additional capabilities include access to third-party systems for enterprise resource planning and HR. The portal also provides users with view of their accounts at both ABC and external banks. AI-powered insights into cash flow and reconciliations provide suggestions for next-best actions.
Smaller businesses need specialized help. Just ask TradeIn, a company recently accelerated by BofA Breakthrough Lab. Founded in 2021, the lab has thus far nurtured 22 startups from the United States, Europe and Latin America. Bank of America does not take an equity stake in the startups; instead, funding is potentially available from the lab’s network of 25 investor partners. The lab does provide access to Bank of America experts and partners and the bank’s technology ecosystem.
TradeIn is an AI-powered SaaS solution that enables SMEs to get instant access to working-capital financing. According to co-founder Jean-Cedric Bekale, bookkeeping processes and cash flow vagaries often make it hard for SMEs to obtain the financing they need. Balance sheets are outdated, SMEs are sometimes unable to forecast cash payments, and a paper-based understanding of customers gives banks limited insight into SME creditworthiness. The TradeIn platform gathers and collates SME real-time financial data, enhanced with additional information—such as ratings from Moody’s and Dun & Bradstreet—to help predict the payment behaviors of SMEs, and how long it will take a given company to repay its debts. TradeIn then shares that information with a marketplace of lenders it has created, matching an SME to the right lender.
“Everyone sees this innovation as making their lives easier,” says Jack Ntoko, TradeIn co-founder. “Finding financing is an administrative burden for SMEs. We help them gain the benefit of time. And for banks, we provide them with hyperqualified leads.” TradeIn has thus far worked with more than 7,000 French SMEs. Current banks in the marketplace are based in France, Africa and the Middle East.
Bolstering SME Finance
Banco de Bogotá’s Digital Lab began in 2017 as an internal project. In 2022, it branched out, focusing on building relationships with fintechs in Colombia. The goal of these relationships is to offer better value to bank customers. Its relationship with Buk Partnership will help accomplish that. Banco de Bogotá now offers its SME customers access to the Buk platform’s digital HR and payroll capabilities. A similar offering was nurtured in EFG EV Fintech. This accelerator program, based in Egypt, invests in early-stage startups, while also providing these companies with legal and administrative support and office space. Typical investments run anywhere from $25,000 to $500,000. It works with Paynas, an employee management and benefits company with a cloud-based platform providing financial services to micro, small and midsize enterprise. These services include time management, attendance, payroll and health insurance. Albillio, nurtured by Startup Wise Guys, is a similar offering developed for freelancers working in multiple countries. It is an invoicing, accounting and payments platform that also helps with legal setups, VAT invoicing and tax payments. In Turkey, Deniz Aquarium incubated Nurio.io, a platform that collects business finance and accounting information in one place, then provides financial analysis based on this information. In doing so, Nurio.io empowers businesses of all sizes to make data-driven decisions.
BTG Pactual is the largest investment bank in Latin America. BoostLab — Powered by BTG Pactual was created in 2018 in an effort to help the bank become the destination for tech company banking in Latin America. In the past five years, boostLAB has accelerated 76 startups, and additionally did business with 70 of them. Now, the lab has begun more aggressively investing in startups accelerated, with each company receiving up to $300,000. One of the companies receiving investment in 2022 was Ali Crédito, a payroll loans platform helping users find loans at the best available rate.
Improving Retail Services
Increasingly, retail customers demand digital services, and fintech labs nurture innovations for this market segment.
In Poland, RBL_START, a program run by Alior Bank, has worked with the startup Billtech to produce a service that enables clients to manage and pay bills and invoices online or through the Alior Mobile Banking App. A new buy now/pay later system, the first in Poland, enables clients to delay payments for up to 30 days at zero interest. If a user has not paid off the purchase in 30 days, the loan can be extended for another 11 payments, at an APR of 16%.
Anna Kulik, head of Alior’s credit division, believes that “Alior Pay responds to the need of controlling your finances and debts in the most natural and convenient way—inside your banking app. After many customer surveys that we have conducted in our Innovation Lab, we confirmed that the bank is the place where Polish customers want to track all their expenses, credit limits, obligations or instalments. They do not have to set up separate accounts, download applications or search through their mailbox to find out how much and who they owe to.”
Savvy investors will appreciate Invest+, a digital investment consolidator developed by the inovabra lab for Banco Bradesco clients. This app aggregates different positions in the Brazilian stock exchange, including stocks, treasury and real estate funds, among others. The objective is to provide clients with greater insight into, and control over, their investments. Currently, more than 172,000 Banco Bradesco clients use the app. BofA Breakthrough Lab has accelerated Muse, an AI-powered platform that enables financial institutions to provide their clients with custom, scenario-based tax and financial planning. Similar innovations are being birthed at FinTech Innovation Lab. Its New York City location (it also has operations in Asia-Pacific) has thus far graduated 270 alumni, who combined have raised $2.7 billion in funding. Among them is Mark Labs, an AI platform that helps asset managers link investments to targeted financial returns aligned with the investor’s environmental, social and governance goals.
Sometimes, customers don’t need advice. They just want an easier banking experience. Yapi Kredi and the National Bank of Kuwait are making that happen. Yapi Kredi—the fourth largest publicly owned bank in Turkey by asset size, was established in 1944. Its FRWRD program was designed to create a framework to produce continuous bank innovation. The Yapi Kredi Fast FRWRD Acceleration Program works with startups. Innovations include the Yapi Card “information display with augmented reality.” This system enables customers to view their card information, remaining balance, available limit, current debt and other information in Yapi Kredi mobile applications simply by scanning their credit, debit and prepaid cards—bypassing the need to enter a password each time. NBK’s newly designed mobile banking app is the product of the NBK Group Digital Office. Its redesigned, easier-to-use dashboard offers transaction shortcuts and personalized information.
Decentralized Finance Benefits Banks and the Unbanked
Decentralized finance (DeFi), or the use of cryptocurrency and blockchain to manage financial transactions, will both help serve underbanked populations and, by streamlining processes for transactions and bookkeeping, help improve bank operations. Several innovation labs are studying this innovation. LIFT virtual lab, run by Fenasbac and the Central Bank of Brazil, was founded in 2018. It has thus far accelerated 93 projects related to financial innovation. One of the projects nurtured is a DeFi liquidity pool, enabling exchanges between the Brazilian real and the USDC—a digital coin pegged to the United States dollar. The Financial Innovation Laboratory of Brazil, another innovation hub in that country, is an initiative of the Brazilian Development Association, the Inter-American Development Bank and the Brazilian Security and Exchange Commission, in partnership with the Deutsche Gesellschaft für Internationale Zusammenarbeit international trade and development organization. It acts as a think tank, promoting cooperation among more than 335 public and private entities. It recently published a report called “Theoretical Considerations: Decentralized Finance and Digital Identity.” The report examines ongoing national and international initiatives to address the challenges of applying digital identity solutions for DeFi and crypto assets.
Obtaining New Customer Insight
CaixaBank is Spain’s third-largest lender, after Santander and BBVA. It is undergoing a two-pronged digital transformation. First, its transformation efforts seek to promote the technological automation and agility needed to reduce time-to-market for major bank projects. The bank also seeks to offer customers an omnichannel banking experience. Extrapolating new insight from data is a large part of these efforts.
To meet its transformation goals, CaixaBank built an internal Customer Experience LABs and Insights Center. The Insights Center is a research hub dedicated to developing a 360⁰ view of each customer. Creating a singular, comprehensive view of each customer’s data is often a challenging task. Banks have traditionally stored customer information in siloed databases—with, for example, information on the customer’s mortgage stored separately from information on his car loan, which is stored separately from information on his saving account. These siloes hindered decision making by giving bank personnel only a fractured view of each customer’s relationship with the bank. With a 360⁰ view of each customer, CaixaBank will be able to glean the customer insight needed to develop better, more successful products.
The internal Fidelity Center for Applied Technology/Fidelity Labs is working on a similar innovation: blending AI, algorithms and human advice to better target customers with more personalized offerings.
In the Kingdom of Bahrain, Bank ABC is also seeking new value from its data. Founded in 1980, Bank ABC is one of the Mideast’s largest international banks, with a presence in 15 countries and five continents. ABC Labs was founded in late 2019 as an effort to help the bank grow. As a result of lab efforts, ABC has already developed a cloud-based mobile-only offering, Ila bank. It has also spearheaded a cloud-based wholesale banking exercise, making it the first bank in the Mideast to build its core business capabilities on a public cloud. Most recently, the lab has developed ways to capture and analyze customer data in real time. This includes transaction data and customer interactions with digital channels. This, in turn, improves bank business: The lab’s use of data and analytics enrich customer engagement. Even better, by equipping relationship managers with data analytics and more comprehensive client views, the bank can anticipate the needs of large customers, and offer bank products to meet those needs.
Similar innovations are underway in the United Arab Emirates. The internal Mashreq Wholesale Digital Innovation Lab recently introduced the Pulse integrated relationship management platform for corporate banking staff. The platform uses analytics to help relationship managers and others get to know the people behind the companies they serve. This platform helps relationship managers improve sales and accelerate crediting decisions. It also provides front-line staff with a single platform for managing their work.
Improving the Environment
Environmental, social and governance policies and products are all around us—in the financial world as much as anywhere else. Several labs have developed innovations in alignment with ESG protocols.
BNP Paribas Fintech Accelerator is working with Plug and Play on Plan A, a Berlin-based automated B2B SaaS platform that enables companies to measure, monitor and reduce their environmental footprint and improve ESG performance. The platform automates data collection processes, delivers results in alignment with reporting frameworks and generates carbon-reducing strategies. Similarly, OTP Bank Innovation Lab worked with the New Zealand–based startup Cogo to develop a carbon-footprint management tool. This tool enables businesses and individuals to measure, understand and reduce their environmental impact. These tools are being presented as a feature of OTP’s mobile banking app. Barclay’s Eagle Labs has partnered with the Carbon13 Centre Launchpad to help early-stage businesses launch climate technologies. The Taishin Innovative Financing Lab is working to develop new financing instruments that help investors obtain higher returns on ESG investments.
World's Best Innovation Labs 2023
|Financial Services Company Labs|
|AB iHub - Arab Bank|
|Banco Bradesco inovabra|
|Banco de Bogotá’s Digital Lab|
|Barclays Eagle Labs|
|BNP Paribas Fintech Accelerator|
|BNY Mellon Enterprise Innovation Group|
|BofA Breakthrough Lab|
|boostLAB Powered by BTG Pactual|
|Citi Innovation Labs|
|DBS Asia X (DAX)|
|Deutsche Bank Innovation Center|
|EFG EV Fintech|
|Elevator Lab powered by Raiffeisen Bank International|
|Mashreq Wholesale Digital Innovation Lab|
|Morgan Stanley Inclusive Ventures Lab|
|NBK Group Digital Office|
|OTP Bank Innovation Lab|
|TD Lab & TD Workshop of TD Bank Group|
|Visa Global Innovation Center|
|Wenov by Attijariwafa|
|Yapi Kredi FRWRD|
|Financial Services Company Labs (Internal)|
|ABC Labs/Bank ABC|
|Bancolombia Innovation Lab|
|BBVA AI Factory|
|Capital One Lab|
|CIB Innovation Group|
|CTBC Data & AI R&D Center|
|Customer Experience LABs & Insight Center/CaixaBank|
|CZBank Network Security Innovation Laboratory|
|Fidelity Center for Applied Technology/Fidelity Labs|
|Goldman Sachs – GS Accelerate|
|Mastercard Digital Labs|
|PayPal Innovation Labs|
|SEBx (SEB Group)|
|Taishin Innovative Financing Lab|
|Accenture’s Fintech Innovation Lab, co-founded by Accenture and the Partnership Fund for New York City|
|Venture Capital Labs|
|Plug and Play|
|Startup Wise Guys|
|Economic Development Labs|
|Copenhagen Fintech Lab|
|DIFC Fintech Hive|
|Financial Innovation Laboratory of Brazil|
|FinTech Innovation Lab|
|LIFT Lab/Fenasbac and Central Bank of Brazil|
|Seoul Fintech Lab|