French Share Registers Put Onto Blockchain07.05.2017
BNP Paribas Securities Services and equity crowdfunding fintech SmartAngels have finalised the first phase of their blockchain partnership, developing a share register management tool using the distributed ledger technology. Through the partnership, formed last year, BNP Paribas and SmartAngels have created a platform allowing unlisted companies to digitise their financial securities and manage shareholder registers using a centralised distributed ledger.
Functions are designed to allow companies to manage the entire lifecycle of their financial securities, from issuance to the sale and purchase of securities.
Five clients have already had their share registers loaded onto the platform, four start-ups and SigFox, an internet of things connectivity service and existing client of BNP Paribas Securities Services.
Nelson Fernandes, senior business lead for blockchain at BNP Paribas Securities Services, said: “We are delighted to be working with SmartAngels on this project and to welcome SigFox onto the platform during the test phase.”
“We have identified where the processes relating to issuing, buying and selling unlisted stocks needs to be optimised. Our platform aims to deliver a digital solution that meets the needs of all market participants and professionals in these markets.”
Benoît Bazzocchi, president and founder of SmartAngels, said: “Our partnership with BNP Paribas Securities Services is proving very successful. We will continue to develop value-added services for issuers and shareholders, including business angels and private equity firms.”
“Adding shareholder management and portfolio monitoring services to our existing offering will help us reinforce our role as the specialist marketplace for unlisted stocks.”
BNP Paribas is now working on industrialising the platform before it will be commercialised.
Source: Press release
The service integrates tokenized deposits and smart contracts into core cash management and trade finance.
BondbloX Bond Exchange is the first fractional bond exchange using distributed ledger technology.
The bank is able to track ownership and recover digital securities in external wallets if needed.
The digital platform allows purchasers to transact tokenized carbon credits directly with project developers.
Intraday transactions are on the rise as banks face shorter settlement cycles for securities.