Sberbank completed the first deal with digital financial assets

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Immediately after the release of digital assets by VTB Bank, the Russian financial platform Sber announced its first CFA issue.

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The largest Russian bank announced that it had issued digital financial assets (DFA) in the amount of 1 billion rubles for a period of placement of three months. Representatives of the state bank claim that the issuer’s obligations are secured by receivables transferred for factoring services.

The DFAs were issued on the SberFactoring blockchain platform created by the bank. The issue was carried out using a smart contract that ensures compliance with the amount, term, yield of the issue and other conditions laid down in the issue of the CFA. Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, said that the launch of the platform and Sber’s obtaining the status of an operator is the result of teamwork by many divisions of the bank in cooperation with the Central Bank:

“It is important that the research carried out by our blockchain laboratory is already being translated into ready-made business solutions, and this contributes to the accelerated development of the DFA market in the country. We believe that our platform has good prospects, since the digital format significantly speeds up and simplifies the process of issuing financial instruments and lowers the threshold for entering the market.”

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Now the SberFactoring platform is working in testing mode for a narrow circle of clients, but soon all corporate clients of the bank will be able to use its services, Sber promises. In the future, the state bank plans to expand the product line of digital assets available for issuance on the platform.

In June, Sberbank announced the imminent first issue of the CFA, but the largest state-owned bank failed to become the first in Russia to carry out a transaction with digital assets. At the end of June, the Russian state-owned bank VTB, the second largest bank in assets, together with the issuer Lighthouse, concluded a deal with the issue and redemption of CFA.

Source: Bits

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