The central bank of France continues actively exploring a central bank digital currency (CBDC), completing a significant trial of a blockchain-based CBDC in the country’s debt market. Over 500 institutions in France have participated in a 10-month experiment testing a CBDC issued by Banque de France for government bond deals, the Financial Times reported on Tuesday. The CBDC trial was led by Belgium-based financial services firm Euroclear and used a system developed by American technology giant IBM. The CBDC test also involved the French public debt office alongside the central bank and a consortium of major financial companies operating in …

BNP Paribas’ securities arm has partnered with Digital Asset to develop a number of real-time trade and settlement applications using DAML-based smart contracts, the firm announced on Sept. 15. The new DAML-driven apps will connect BNP Paribas Securities Services with major global stock exchanges like the Australian Securities Exchange, or ASX, and the Hong Kong Exchange, or HKEX. The apps will provide market participants in the Asia Pacific with real-time access to ASX’s and HKEX’s upcoming blockchain-based trading and settlement platforms. BNP Paribas will specifically connect to the ASX’s blockchain-powered equity transaction platform known as the Clearing House Electronic Subregister …

BitMEX parent firm HDR Global Trading has hired a former executive of French banking group BNP Paribas as the group’s general counsel. 28 years of legal expertise Derek Gobel, who served at BNP Paribas for more than 19 years, will now oversee HDR Global’s legal function and help the company move forward in a constantly evolving regulatory environment, according to a blog post on BitMEX on Sept. 11. A member of the Legal 500’s 2017 GC Powerlist in China and Hong Kong, Derek will bring 28 years of experience working on a multitude of legal issues, including his most recent …

Fintech firm Token has received a $16.5 million injection from investors including the venture arm of banking giant BNP Paribas, a news release announced on June 18. The self-described open banking platform says it will use the capital to further develop its TokenOSTM operating system — and “accelerate new ways of innovating payments with digital money and ID solutions.” According to the company, its ecosystem enables banks, customers and developers to complete transactions securely, instantly and with less friction. Token claims more than 4,000 banks have connected to its platform, with Mastercard recently coming on board as a partner. Steve …

Spain’s second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), has carried out a blockchain-based syndicated loan of $150 million, U.K.-based global financial news agency Finextra reports Wednesday, Nov. 7. The syndicated bank transaction has been conducted on a private blockchain network through a group of three funding banks including French banking group BNP Paribas, Japan’s bank holding Mitsubishi UFJ Financial Group (MUFG), and BBVA. Acting as the sole underwriter of the transaction, BBVA also secured the participation of a partly state-owned Spanish company Red Eléctrica de España, as well as two legal advisors, U.K.-based multinational law firms Linklaters and Herbert …

A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched this week in Hong Kong, Reuters reported Oct. 31. The platform, dubbed eTrade Connect, aims to improve efficiency in the financing of international trade by reducing the time needed to approve trade loan applications from thirty-six to just four hours. HSBC is reported to have earned $2.52 billion in trade-finance revenue in 2017, making it one of the global banking leaders in the industry. As of 2017, trade finance transactions were worth over $9 trillion, and the industry remains heavily …