If you wish to learn more about the concept, in detail, it is recommended to read the below BIS published papers
Or checkout this Fireside Chat by BIS Innovation Hub
To make this vision a reality, multiple stakeholders, volunteers and organization are working together on a developer sandbox for the Finternet.
The Finternet effort is being being planned in three phases:
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Phase I (From now to Aug 2024) - Building the Sandbox: Establishing a sandbox for interested developers to try and provide feedback, contribute back with more use cases which could be possible on the Finternet. Prototype user experiences will be built on the Finternet sandbox to provide decision makers with the broader understanding of the concept and its possibilities.
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Phase II (Aug 2024 to Feb 2024) - Hackathon in US and ASEAN: A rolling hackathon will be conducted across the globe for more developers and organizations to participate and make the sandbox richer with more use cases.
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Phase III (Feb 2024 onwards) - Implementation phase: Working with interested Governments and Central Bank stakeholders to turn the Finternet vision into a reality for specific target use cases.
The specifications are being defined from the perspective of an “Application” which enables users with various use cases by connecting to four parties - (i) Asset Managers, (ii) Unified Ledger, (iii) Trust Service providers and (iv) Digital Infrastructure as defined in Finternet: The Vision for the Future Financial System
The Finternet Sandbox is being modeled under for the following use cases and status as below. Click on each use case to learn more about it.
| Use case | Status |
|---|---|
| Domestic money transfer | In progress |
| Pledge a land and obtain commercial loan (add link to prototype) | Not started |
| Cross Border money transfer (add link to prototype) | Not started |
More use cases will be updated here.