Jul 01, 2022 12:25
SG-FORCE, a subsidiary
of Societe Generale (SG), a French multinational investment bank, has partnered
with Switzerland-based fintech company, METACO, to ramp up its institutional
digital assets market activities.
METACO announced the development on Thursday on its website.
The Swiss company
provides digital asset management technology and infrastructure to financial
and non-financial institutions.
METACO also helps companies
to issue, invest in and manage digital -native security tokens created on
public blockchains.
SG-FORGE said the
collaboration will enable it to lead efforts to integrate security tokens into
traditional finance.
A security token is a physical or digital device that uses two-factor authentication (2FA) to determine the originality of a user's identification details during a login process.
“Since 2019, Societe
Generale and its subsidiary SG –
FORGE structured several native security token issuances deployed on blockchain
for their clients such as the European Investment Bank's (EIB) €100 million
digital bond issued in 2021,” SG FORCE explained in the statement.
‘A Solid Foundation’
The French subsidiary
also intends to further increase its digital asset marketplace offerings with support from Harmonize, METACO’s
bank-grade digital asset custody and orchestration platform.
METACO explained that
Harmonize makes it possible to connect financial institutions to the
decentralized finance world.
Furthermore, the platform powers
activities such as cryptocurrency custody and trading, staking, tokenization
and smart contract management, the Swiss technology and infrastructure provider said.
Jean-Marc Stenger, the
Chief Executive Officer of SG-FORGE, said SG is seeking to build “a solid
foundation” for its digital asset activities through the partnership.
Stenger noted that
METACO’s secure infrastructure makes that possible.
“Bridging the digital
asset industry and traditional finance requires a multifaceted approach
incorporating institutional-grade technology, regulation, as well as industrial
capacities,” Stenger explained.
On his part, Adrien
Treccani, the CEO and Co-Founder of METACO, noted that the Swiss company is proud
to join forces with SG-FORGE to provide its infrastructure to support the
bank’s vision.
Additionally, Alexandre
Fleury, the Co-Head of Global Markets Activities, Societe Generale, said the
partnership proves SG’s capacity to “step-by-step implement a truly innovative
technology.”
Earlier in the year, SG launched a new
acceleration programme for emerging companies to improve customer experience services in the
transaction banking sector.
Meanwhile, in June 2021,
Societe Generale teamed up with
Kyriba, a cloud-based finance
and IT solutions provider, to launch a new treasury management solution.
This article was written by Solomon Oladipupo at www.financemagnates.com.
World Crypto Global
