The specialized credit institution which is the French Societe Generale (SFH) is in the coming altcoin news for issuing a bond worth 100 million Euros ($112 million USD) as a security token on the Ethereum (ETH) blockchain.
The news first came from a blog post published on SFH’s website on April 23. In it, the French Societe Generale SFH (which is a subsidiary of one of the largest financial services groups in Europs – Societe Generale Group) has rolled out its first pilot project that is developed in collaboration with Societe Generale FORGE.
The altcoin news feature the statement in which Societe Generale noted:
“This live transaction explores a more efficient process for bond issuances. Many areas of added value are predicted, among which, product scalability and reduced time to market, computer code automation structuring, thus better transparency, faster transferability and settlement. It proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries.”
As the best cryptocurrency news sites noted, the latter is an internal startup that is launched through the Group’s intrapreneurial program – the Internal Startup Call.
As the documents show, the transaction’s main goal was to investigate a more efficient way for bond issuance which could apparently facilitate better transparency, faster transferability as well as settlement. The company noted that the product “proposes a new standard for issuances and secondary market bond trading and reduces cost and the number of intermediaries.”
The French Societe Generale also endorsed the bodies in charge for this operation, mentioning the teams of the Finance, Legal, Compliance and Operations departments of the Bank, as well as PwC France and francophone Africa as its blockchain advisor.
“Innovation is at the core of Societe Generale’s DNA and a priority of its Transform to Grow strategic plan. The Group’s digital transformation speeds up using new technologies to innovate and better serve its clients,” the announcement concluded.
What is also important to note is the fact that Societe Generale has been present in the field of blockchain for several years – mainly through initiatives such as we.trade (blockchain-based finance platform for corporate clients in France) as well as komgo SA (a blockchain platform meant to digitalize the trade and commodities finance sector).
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