French Bank Societe Generale Issues €100m Bond as a Security Token on Ethereum

238
ADVERTISEMENTSToken Agency
Blockchain Expo Amsterdam 2019
global

French Bank Societe Generale has issued the first covered bond vehicle worth €100 million as a security token on Ethereum blockchain. The home financing bonds ” or “OFH” tokens have been rated AAA by Moody’s and Fitch and has been fully subscribed by Societe Generale.

According to a press release issued by the bank this is the first pilot project developed by Societe Generale and Societe Generale FORGE, one of the 60 internal startups launched through the Internal Startup Call , the Group’s intrapreneurial program. This startup is a business solution that uses blockchain technology to develop new digital capital market activities.

advertisementToken Agency

A statement from the release reads:

“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.”

“The operation was made possible thanks to the teams of the Finance, Legal, Compliance and Operations departments of the Bank. Gide Loyrette Nouel was appointed as legal advisor to the OFH Token issuer and PwC France and francophone Africa was involved as blockchain advisor.”

The bank says innovation is at the core of their 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.

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles

Also published on Medium.

advertisements Blockchain Partners


Token Agency
global
Tymlez