Smartlands Network Cooperates with the Largest Financial Broker in Eastern Europe
July 7, 2020
Earlier this week in the AMA session we promised to release more specifics on the upcoming collaboration with financial companies. We see no point in delaying matters and decided to provide insights in the current blog post.
As was previously stated, the team has allocated its considerable resources on the launch of blockchain solutions for financial markets and tokenised regulated assets. As the cornerstone of this process, the Smartlands Network team has reached a mutual understanding and preliminary agreement with the largest ‘Financial Broker’ in Eastern Europe in regard to the issuance of fiat loans from more than 20 network partner banks. To date, the brokerage system has more than 7 thousand credit sales points connected and the company serves more than 3 million clients.
Additionally, the future project involves the design of a decentralised solution from Smartlands Network, which would be integrated into the existing Financial Broker system as well as the entire network of partner banks and other financial companies.
At any rate, testing and subsequent integration into the commercial operation of the system from Smartlands Network could be the first and largest project on the Eastern European banking market, which will allow to:
- Increase the reliability of the information provided by the borrowers
- Create a verifiable digital credit history registry that is protected from any changes
- Present credits in the form of regulated digital assets (tokenised assets) and thus create the necessary basis for the introduction of the secondary market of credits
- Implement a solution that will not require changes to existing business processes and technical infrastructure of both Financial Broker and the partner banks of the network.
Altogether, it is hard to overestimate the scale of such a project, and the Smartlands Network team has initiated the implementation of its first phase, which includes the preparation of the network beta version and its testing. The parties plan to complete it by the end of 2020 together with the Financial Broker and selected banks partners.
The Smartlands Network team will keep abreast of the project development and the achievement of key milestones. In the coming months, we also plan to publish a detailed description of the system and further disclose the details.
Smartlands Network is a development of Smartlands Platform Foundation (SPF). SPF is a non-profit organization that supports the development and growth of the Smartlands Network.