NEW FRESH OF THE PRESS! SEED TO CONTROL: To address the global challenges of the 21st century, the G20 wants to deliver better, bigger and more effective multilateral development banks, through substantially increasing their financing capacity.
Today, many multilateral development banks are partly funded by financial instruments known as promissory notes, most of which are still paper based. While the current system provides the operational controls for member nations to make subscription and contribution payments to institutions like the World Bank, the custody of outstanding promissory notes can be digitised to address operational challenges and enhance efficiency.
The volume of promissory notes across international financial institutions is significant: for example, two of the World Bank's largest entities, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), both have a substantial amount of notes pledged by member nations.
The BIS Innovation Hub Swiss Centre, the Swiss National Bank and the World Bank successfully concluded a project that aimed to build a proof of concept (PoC) of a platform for digital "tokenised" promissory notes. The International Monetary Fund participated in the project as an observer.
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