MUMBAI, INDIA / September 5, 2023 / London-based Millicent Labs, a pioneering fintech company dedicated to financial inclusion, is pleased to announce its win at the G20 TechSprint 2023 for its solution, LOFTHub - a decentralized currency exchange designed to improve liquidity and mitigate risks associated with cross-border payments and foreign exchange in emerging market and developing economy (EMDE) currencies.
This year's G20 TechSprint, a globally renowned competition that draws applications from the world's premier financial services and fintech firms, was launched in May under India's G20 presidency, by the Bank for International Settlements (BIS) and the Reserve Bank of India (RBI) with the aim of fostering innovative solutions that enhance cross-border payments.
From an overwhelming number of applications, twenty-one handpicked teams from around the world competed to develop innovative technological solutions to improve cross-border payments, culminating in a grand finale event held on September 4th in Mumbai. Here, Shri Shaktikanta Das, Governor of the Reserve Bank of India, presented Millicent Labs with their award, as selected by judges representing institutions including the World Bank, the International Monetary Fund (IMF), the Hong Kong Monetary Authority (HKMA), the Bank of Thailand and the Cambridge Centre for Alternative Finance (CCAF).
Millicent Labs' award-winning submission, the Liquidity Optimizing Forex Transaction Hub (LOFTHub) is a testament to the company's commitment to harnessing the power distributed ledger technology to create a more equitable and inclusive global financial system.
A hybrid decentralised exchange combining the benefits of Automated Market Maker liquidity pools with the reliability of traditional order books, LOFTHub protects against price volatility and slippage, while its multi-pool routing feature paves the way for the frictionless and low-cost exchange of currencies without established trading pairs or corridors - greatly increasing the accessibility of settling payments in a wide array of EMDE currencies.
Cecilia Skingsley, Head of the BIS Innovation Hub, said:
"Identifying and developing novel solutions to common problems has been at the heart of the G20 TechSprint. The 2023 edition has again brought forward innovative solutions to help address challenges in cross-border payments, a G20 priority. The BIS Innovation Hub is proud to partner with the RBI in this year's G20 TechSprint to contribute to the global efforts in enhancing cross-border payments with a focus on emerging and developing countries. It allows us to push boundaries and explore uncharted territories, with the shared goal of making a positive impact on societies. I would like to congratulate the winners and also all the finalists for their participation and efforts in presenting new and innovative ways to address the challenges proposed."
Kene Ezeji-Okoye, Co-Founder and Co-CEO of Millicent Labs, said:
"This win, and the validation of the international financial community, is a monumental step towards our vision of a more interconnected and inclusive global financial landscape. LOFTHub is not just a product; its designed to serve as a public good that bridges the gaps in the current system, offering unparalleled benefits to all participants, irrespective of their size or sophistication."
Designed to integrate the world's disparate domestic systems into a seamless global value transfer network, LOFTHub employs a hub and spoke model, interlinking independent sovereign currency issuance chains through its integrated FX exchange.
To achieve this unparalleled interoperability, LOFTHub leverages Cosmos InterBlockchain Communication (IBC), the leading cross-chain asset and data transfer protocol, designed to transform today's siloed ‘digital islands' into an ‘Internet of Blockchains'.
Millicent Labs' journey, from being awarded UK government funding to their participation in the BIS and Bank of England's Project Rosalind, reflects their unwavering dedication to innovation, and the alignment of stakeholders on all sides - from public bodies; to private financial institutions; to SMEs and individuals.
Led by Stella Dyer, a Harvard Business School alum and Wall Street veteran, and serial entrepreneur Kene Ezeji-Okoye, the company is devoted to creating an interconnected world where value moves as easily as data on the internet, and the tools for financial empowerment are within everyone's reach.
London-based Millicent Labs is an award-winning innovator in distributed ledger technology, tokenization and digital finance with support from some of the world's most prominent firms. Named one of the UK's top startups, the company is committed to breaking down silos and transforming the global financial system into an open and interconnected digital network benefiting stakeholders on all sides by combining the safeguards of today's financial system with the exponential advantages of highly interoperable distributed ledgers.
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