The founding chief executive of the Digital Finance Cooperative Research Centre (DFCRC), a leading financial technology researcher and collaborative body, has resigned, calling on the “next generation” leaders to step up.
Dr Andreas Furche, who was integral to the formation of the DFCRC, will depart from the organisation at the end of March.
“From inception to bid to establishment, I have now given four years full commitment to developing the Digital Finance CRC,” he said, commenting on his decision to formally step down from the role.
“Now is the time to hand the operational management of the organisation to the next generation. It will allow me to reduce work time while spending more time with several generations of my family.”
Launched to considerable fanfare in mid-2022, the 10-year, $180 million program – funded by contributions from industry partners, universities and the Australian Government (which kicked in $60 million) – has been tasked with developing, investigating, and commercialising emerging digital assets, including digital currencies.
The Centre, driven by Furche’s expertise in the area, played an integral role in a seminal, year-long central bank digital currency (CBDC) study undertaken with the Reserve Bank of Australia (RBA), which sought to determine whether a CBDC could be used to provide payment and settlement services to Australian households and businesses.
The project received hundreds of use case submissions, including from big four banks CBA and ANZ.
Despite identifying several promising avenues to develop tokenised money, the study concluded that a localised version of a CBCD is “likely to be some years away”.
DFCRC chair Neville Stevens paid tribute to Furche’s “outstanding contributions” to the organisation.
“Andreas has been the driving force behind developing the bid for the DFCRC and in outlining the vision for how the CRC can position Australia as a global leader in digital finance.”.
“Under his leadership the DFCRC has developed an effective commercialisation strategy tied to a groundbreaking research model.
Stevens further praised Furche’s key contributions to the CBDC study undertaken with the RBA, noting his “unrivalled expertise” in the area.
“Most importantly, Andreas has assembled an outstanding group of senior executives to continue to realise the vision for Australia in the digital finance age and to undertake high-impact projects.”
While officially stepping down as DFCRC chief, Furche said he will continue to assist the Centre with its future initiatives.
Stevens added: “I am pleased that Andreas has indicated his willingness to continue to be involved in some of these high-impact projects underway within the CRC so his experience and expertise is not lost to the Centre.”
The board of the DFCRC said it will commence a process “over the coming weeks” to appoint a new chief executive.
