SIA, a developer of electronic payment services, plans to launch an Ethereum-based secondary lending platform in the second half of 2021.
According to a statement from SIA, the firm is working on a blockchain-based system to enable secondary credit trading. The platform will allow banks, funds and financial operators to conduct secondary credit transactions through the blockchain.
In a separate statement, a SIA spokesman said the company plans to test the Ethereum-based platform in the second quarter of this year, with a full-scale launch expected in the second half of the year. The new platform is being developed in collaboration with fintech startup WizKey. Headquartered in Milan, the company creates finance solutions with a focus on structured finance products and loan management and transfer.
Through the blockchain, SIA intends to provide financial operators with instant and secure access to loan portfolios, as well as basic data and documentation.
“Certification of information and workflow through blockchain provides trust for all aftermarket buyers. They will know that the data has been agreed and certified, and this will increase the speed of transactions and market liquidity, ”said the SIA spokesman.
WizKey CEO and Founder Marco Pagani noted that the blockchain project aims to create a “transparent, liquid and efficient secondary market for non-performing loans that will benefit the entire system of the country.” Daniele Savarè, director of innovation and business solutions at SIA, also noted that the project will be developed in a standardized manner in accordance with European regulations.
Recall that in October, SIA announced a partnership with the cryptocurrency custodian Hex Trust to help clients of European banks gain access to the storage of digital assets.
