Santander sets up digital investment unit for blockchain
Banco Santander has set up a “Digital Investment Unit” headed by new hire John Whelan, currently director of the bank’s blockchain lab.
The team will ensure that the bank is using the latest tech efficiently, including exploring the use of tokenised securities in debt capital markets, derivatives and other products.
This follows the announcement of the bank’s plans to utilise blockchain and other new technologies within its capital markets business to change how securities are issued, traded and settled.
José M. Linares, Santander’s senior executive vice-president and global head of Santander corporate and investment banking, says: “The wave of digitalisation that is occurring in the financial industry is accelerating. Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before. We want to offer our clients what they expect from us”.
The bank launched the One Pay FX service, an international payments service using blockchain-based technology.
Santander is a founding member of several consortia, including Enterprise Ethereum Alliance, Alastria, we.trade and Utility Settlement Coin.
From Spain to the UK
In the UK, Santander has also been busy. The bank has backed London-based finance app Asto, which will help SMEs through the upcoming beta.
Just last month, Santander turned to Infosys’ Finacle for the launch of a new inter-bank cash management system for its corporate customers.