The BoE stated that this community is aiming to establish three fundamentals: (1) To share developments, trends, and insights.(2) To make sure the Bank is engaging with different FinTech firms from across the sector.(3) To enable firms with an interest in FinTech to network, supporting the development of the sector.
The BoE also decided the firms engaging the community will be working with the following proof of concepts; Mindbrindge's AI (artificial intelligence) and the Ripple network. MindBridge’s AI auditor detects anomalies in financial transactions and reports using data science, machine learning and artificial intelligence and explores the benefits of machine learning for analyzing the quality of regulatory data input. While Ripple will enable to carry out a proof of concept to demonstrate the synchronized movement of two different currencies across two different real-time gross settlement systems (RTGS).