L39 member DACX progresses with GFIN/FCA for cross-border tests
10th May 2019
Level39 member DACX has been named by the FCA as one of the handful of companies selected to be trialled across borders in the upcoming Global Financial Innovation Network project. The firm will be working with Kazakhstan’s regulator, Astana Financial Services Authority.
DACX (Digital Asset and Commodity Exchange) is a global exchange platform, which uses AI and HPC technology to create a secure, compliant marketplace for product solutions. Market surveillance prevents suspicious activity and security threats while using KYC/AML on-boarding for clients.
The GFIN is a group of global regulators collaborating on Fintech Innovation. GFIN received 44 applications for this pilot programme and after the initial screening will continue working with 8 firms. At this stage, participation is not an indication of regulatory approval but instead conditional qualification.
“The next phase is for the firms to develop testing plans with the relevant regulators for their cross-border trial, some of which will involve live transactions. Firms that develop a testing plan satisfactory to each jurisdiction’s criteria will take part in the pilot testing phase,” the announcement reads.
“An announcement of the firms formally selected for the cross-border testing pilot will be made in late Q2.”