CBDCs, Open Finance and tokenization as tools to improve


Gabriel de Abreu Madeira
Frederico Dutilh Novaes
Aurimar Santana Cerqueira
Fernando Wosniak Steler
Licio de Castro Carvalho


Innovative resources provided by central banks, like CBDCs and Open
Finance, combined with data management technologies, such as
algorithms and DLT, bring promising perspectives to the financial
intermediation activity. They enable the adoption of multiple strategies
to deal with typical frictions of financial markets, including informational
asymmetries, limited commitment, and transaction costs. This paper
discusses how these innovations improve financial intermediation
with a practical example: a financial intermediation platform, that
manages trade credit to small and medium enterprises (SMEs) from
providers interested in Accounts Receivable (AR) within SMEs' invoices.
CBDC is a convenient instrument for the funding of such anticipations.
The evaluation of these credit operations would be based on market
information obtained from multiple sources, such as Open Finance,
publicly available data, and questionnaires, all of which would be classified
using Artificial Intelligence techniques. Additionally, borrowers could
obtain endorsement and collateral from guarantors, using CBDCs and
smart contracts. This feature would play an important role in enabling
new entrants to have access to those credits. Securitized shares in loans
would be traded through secondary markets on Digital Loan Funds,
which provide liquidity for investors and enable trading such loans as
their history improves or deteriorates. A secondary market, based on
Financial NFTs, would also be available for individual (or specific) loans,
mainly when such loans deviate from their expected performance. An
agent-based simulation tool was designed to simulate the behavior of
the platform. Illustrative simulation examples suggest that the system
is relatively stable and is capable of generating reasonable returns for
investors. They also indicate that guarantors play an important role in
improving financial intermediation through the platform