BNP Paribas and seven other financial institutions jointly develop blockchain clearing system

Seven financial institutions jointly explored blockchain technology to help small and medium-sized enterprises reduce transaction settlement service costs.

BNP Paribas , the French Trusteeship Bureau, Euroclear , Euronext , S2iEM, Societe Generale and the Paris Financial Markets Association jointly announced today that they have signed a memorandum of understanding. Financial institutions will use blockchain technology to reduce the cost of transaction services and help small and medium-sized enterprises better use capital market financing channels.

The seven financial institutions will also consider launching a blockchain clearing system jointly designed , developed and deployed by all parties .

In recent months , financial institutions from all over the world have actively cooperated to form consortiums to jointly develop blockchain technology for various infrastructure areas of the banking system . Similarly , financial institutions in France have been working hard, especially after the financial services company released a blockchain technology assessment report on December 11 last year . The assessment report believes that in order to succeed in the field of blockchain technology, cooperation with competitors is the best option.

“ We are focused on providing new solutions for SMEs , which is our greatest strength in the groundbreaking field of blockchain. SMEs are the main driving force of economic growth in Europe and will have easier access to the funds they need ,” the organizations wrote in a joint statement just released.