BNP, SocGen part of conglomerate looking to bring post-trade distributed ledgers to Euro SMEs
(22 June 2016 – France) A group of seven firms, including BNP Paribas Securities Services, Euronext and Société Générale have banded together to investigate the development of a post-trade blockchain infrastructure for SMEs in Europe.
Following French regulators relaxing the path for the issuance and circulation of securities using blockchain technology, the group is setting up a company to take advantage.
In addition to the French banks, the consortium also includes Caisse des Dépôts, Euroclear, S2iEM and Paris Europlace.
The seven partners hope combine both investment and industry knowledge to harness distributed ledger technology to improve SMEs' access to capital markets, reducing transaction costs and making raising funds easier.
In a statement, the group said: "By pooling our strengths in this ground-breaking area, we are focusing on new solutions that will give small and mid-sized companies - key actors for growth in Europe - easier access to the financing they need.
With this project, we are securing the means to seize opportunities that blockchain distribution can offer: speed of execution, low cost and security.”
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