Millicent Labs Takes Part in Bank of England and Bank for International Settlements’ Rosalind TechSprint Challenge

Today Millicent Labs, an innovator in digital finance, has been selected by the Bank for International Settlements (BIS) and the Bank of England (BoE) as one of three teams recognised for originality, completeness and quality of presentation in the final phase of Project Rosalind.

Project Rosalind was designed to facilitate collaboration between central banks and the private sector, enabling firms and tech companies to develop solutions for the distribution and use of retail Central Bank Digital Currencies (CBDCs).

In Phase 2 of the project, 23 companies were selected to develop the first-ever solutions on the Rosalind API. After two rounds of selection, 12 teams presented to the global central banking community, and Millicent Labs was chosen as one of the three teams identified by the audience.

Millicent Labs’ solution, TradeFi, is a secure trade finance platform designed to demonstrate how the Rosalind API’s functionality can be leveraged to unlock value constrained by current financial infrastructure. It provides a streamlined and secure escrow process — paired with a competitive secondary market — designed to increase access to financing, especially for Small to Medium Enterprises (SMEs).

Kene Ezeji-Okoye, co-CEO of Millicent Labs, said, “We are thrilled to be recognised by such a prestigious project. Our goal at Millicent Labs is to leverage distributed ledger technology to create a more efficient and inclusive global financial system.”

The UK-based company, led by war-refugee turned Harvard Business School alum and Wall Street veteran, Stella Dyer, and serial entrepreneur, Kene Ezeji-Okoye, has received government funding via UK Research and Innovation as well as support from leading accelerator and incubation programs. Project Rosalind is another significant milestone for Millicent Labs and their innovative approach to digital finance.

Millicent Labs is determined to make a substantial impact on the global financial landscape, particularly in empowering financial service providers to serve SMEs and the un- and under-banked population.

Today, Millicent Labs has announced its selection as one of three teams recognised for originality, completeness and quality of presentation in the final phase of Project Rosalind, a joint endeavour by the Bank for International Settlements (BIS) and Bank of England (BoE).

Project Rosalind was designed to facilitate experimentation and collaboration between central banks and the private sector, enabling financial services firms and technology companies to develop and test innovative solutions for the distribution and use of retail Central Bank Digital Currencies (CBDCs).

In Phase 2 of the project, the BIS and BoE collaborated with a number of organisations to build a prototype API layer for a retail CBDC system. Twelve teams were chosen to attend a global demo day event, where Millicent Labs presented their solution, TradeFi, a secure trade finance platform designed to demonstrate how the Rosalind API’s functionality can be leveraged to unlock value constrained by current financial infrastructure.

Kene Ezeji-Okoye, co-CEO of Millicent Labs, said, “We are thrilled to be recognised by such a prestigious project. Our goal at Millicent Labs is to leverage distributed ledger technology to create a more efficient and inclusive global financial system — the work presented to the BIS, BoE, and wider central banking community is a testament to this mission, and we are excited to see the real-world impact these solutions will have.”

Millicent Labs is a UK-based company led by war-refugee turned Harvard Business School alum and Wall Street veteran, Stella Dyer, and serial entrepreneur, Kene Ezeji-Okoye. Through its delivery of innovative digital financial infrastructure, the company’s mission is to create the conditions for increased global prosperity through the inclusive and frictionless transfer of value for everyone, everywhere.

Today’s announcement is a major milestone for Millicent Labs, following on from their government funding via UK Research and Innovation as well as support from leading accelerator and incubation programs, including Barclays’ Eagle Labs and Allen & Overy’s Fuse. The company is now poised to make a substantial impact on the global financial landscape, particularly in empowering financial service providers to serve SMEs and the un- and under-banked population.

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