The Gazprombank associated with Avaloq and Metaco to introduce crypto asset services during the mid of the succeeding year, 2019. The association would support in the development of a fully integrated solution for the management of client portfolios. The solution would support the purchase and sale of crypto assets acting for clients and provide them with a consolidated portfolio view.
The Signature Bank based in New York has been approved to launch a blockchain-based digital payments platform for real-time payments called Signet. It is claimed that the platform will process transactions securely without transaction fee and without the involvement of third parties. However, it mandates the holding of $250,000 as the minimum balance.
The Financial Supervisory Service (FSS) has warned the Kookmin Bank and Nonghyup Bank regarding their lack of management of cryptocurrency transactions and Anti-money laundering (AML) regulation. The banks were ordered to submit its measures to the authority within three months as an improvement order was slashed. The FSS may force more direct sanctions in the future.
The Sberbank and the MTS have accomplished the complete cycle of security dealing through smart contracts. The transaction was carried on a blockchain platform of Russia’s central securities depository, powered by Hyperledger. The Sberbank announced, “The use of the blockchain allowed securities and money to be transferred simultaneously.”
The Islamic Development Bank Group (IsDB) is aimed at the development of interbank blockchain tools through the Islamic Corporation for the Development of Private Sector (ICD) and with the iFinTech Solutions. It is expected to strengthen the financial institutions’ liquidity and overall efficiency. The CEO of ICD vouched to support with the ‘innovative Sharia-compliant FinTech solutions.’
Nearly 26 companies and five financial institutions have accomplished the know-your-customer (KYC) requirements on the blockchain. The CEO of R3 expressed, “Corda is the ideal technology for creating KYC platforms, as it allows users to have complete control of their data.” The trail of the R3’ Corda included BNP Paribas and the Societe Generale.
A Saudi Arabia-headquartered multilateral body, the Islamic Corporation for the Development of the Private Sector (ICD) shared their vision in utilizing the innovative technology of blockchain. The aim of the implementation is to streamline the process for the Islamic banks in managing their liquidity and increase the transparency and traceability of transactions made.
A blockchain-powered foreign exchange repurchase agreement between Sberbank and a private equity firm based in Moscow, Interros Company has been successfully completed. Olga Zinovieva, the First Deputy CEO of Interros expressed that the Interros is “glad that we have made the first step towards the digital future in partnership with Sberbank, the leader of the Russian banking segment.”
The Silvergate Capital Corporation, the parent company of SilverGate Bank, has disclosed its relationship with the cryptocurrency industry in its IPO filing with the U.S. Securities and Exchange Commission (SEC). The company renders services to 483 crypto clients. The company quoted, “The majority of our funding comes from non-interest bearing deposits associated with clients in the digital currency industry.”
The BBVA and Banco Santander have joined the E.U. International Association for Trusted Blockchain Applications (IATBA) aimed at the development of blockchain regulation and applications. The IATBA is to be launched in 2019. The project initiative was introduced by the European Blockchain Partnership. The two banks were among those invited to join the initiative.