BBVA, Another International Bank is VERY Serious about understanding and Implementing Blockchain Technology.
“José Manuel González-Páramo, BBVA’s head of Global Economics, Regulation and Public Affairs, presented the bank’s blockchain strategy at the IIF’s meeting in Washington before regulatory officials of the finance sector. A strategy based on a pillar called the three E’s: Execution, Ecosystem, and Experience.”At a round table on crypto assets organized by the Institute of International Finance (IIF), José Manuel González-Páramo presented BBVA’s blockchain strategy based on three ‘E’ pillars:
1. Execution. It deals with establishing end-to-end digital interactions through process automation based on distributed ledger technology (DLT). Currently, BBVA is exploring the use of blockchain to digitalize the negotiation process of corporate loans, as recently announced by the bank’s CEO, Carlos Torres Vila. BBVA has used blockchain technology, for example, to conduct the international transfer of money between Spain and Mexico in a matter of seconds. And in international trade, last November BBVA and the startup Wave launched a first pilot project on import-export transactions, using blockchain to automate the electronic delivery of documents between Europe and Latin America.
2. Ecosystem. BBVA has three objectives in playing an active role in the DLT ecosystem:
i) contribute and learn from the ecosystem’s technical expertise,
ii) influence regulators’ perspectives,
iii) anticipate the disruptive impact of decentralization. To do this, González-Páramo thinks BBVA has to increase its presence in four areas: among regulators, in startup communities, in international consortia, and with customers and users.
In this area, BBVA was one of the founders of the R3 consortium, where pilots for different businesses and processes have been developed. For example, a new customer identification management system or KYC (Know Your Customer) and other projects related to capital markets (international currency or FX). Secondly, BBVA is a member of the Governing Board of Hyperledger, an open-source consortium that promotes the use of blockchain in different sectors. Thirdly, BBVA is a founding member of the Enterprise Ethereum Alliance (EEA), an international initiative that aims to share blockchain best practices and create standards.
3. Experience. BBVA intends to disseminate knowledge about these technologies within its organization. Accordingly, the bank is developing content for a Blockchain academy to foster learning throughout the organization (Engineering, Data, Business, Legal and Compliance).”
Yet another institution moving towards the future. Let Invstur help you do the same!! https://www.bbva.com/en/three-es-bbvas-blockchain-strategy/
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