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Microsoft Brasil is one of the companies supporting the Laboratory of Financial and Technological Innovations (LIFT) of the Central Bank of Brazil (BC). The initiative aims to create a collaborative virtual environment to promote research projects and technological innovation in the financial industry and in the supervision and regulation activities carried out by the BC itself. Microsoft participates in LIFT by making its cloud services available on the Azure platform for the development of research projects.
Companies interested in participating, including fintechs and large banks, can access the LIFT website, check the list of topics and technologies established by the program and submit their projects. A committee of BC and FENASBAC (National Federation of Central Bank Servers), which also has members from Microsoft, will evaluate the proposals and select those that meet the requirements. These will have free access to Microsoft technologies and mentoring for prototype development within 90 days. Once completed, the project will be submitted for evaluation by the committee and the results will be presented.
Microsoft will support the selected projects so that companies can create their prototype based on various applications in Microsoft's intelligent cloud, such as Cognitive Services, Artificial Intelligence, Machine Learning, among others.
“We are already BC partners in collaborative innovation projects. We are very excited to support this laboratory, which consolidates the importance of the Central Bank, as a regulatory body for Brazilian financial institutions, of encouraging innovation in the financial industry. Digital Transformation is bringing about major changes in financial services and technology is essential to provide banks with a competitive advantage”, says Ronan Damasco, Director of Technology at Microsoft Brazil.
The laboratory consists of six stages: definition of topics of interest for submission of projects; evaluation and selection of proposals; incubation in a Virtual Laboratory; support and development of functional prototypes; presentation and evaluation of prototypes; and finally, presentation of results.
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