Sberbank and Interros Group conclude agreement on off-exchange repo deal using blockchain technology
29 November 2018, Moscow – Sberbank and a company of Interros Group have concluded the first off-exchange repo deal in electronic format, using a smart contract and an electronic digital signature, through an IT platform developed by the Blockchain Laboratory and Global Markets Department of Sberbank.
Vice President and Head of the Global Markets Department of Sberbank Andrey Shemetov:
“In the future, concluding deals through the blockchain platform will cut operational costs and reduce mistakes due to automation, as well as will increase transparency and trust between all participants of the financial market.”
From a technical point of view, the deal was carried out using the Hyperledger Fabric platform. The platform helps to fully carry out the end-to-end process of conclusion and implementation of off-exchange repo deals. The smart contact was programmed in Go.
First Deputy CEO, Deputy Chairman of the Management Board of Interros Olga Zinovieva:
“Interros Group regards business in the digital economy as one of its development priorities. Digital transformation is an indisputable trend all over the world. We are glad that we have made the first step towards the digital future in partnership with Sberbank, the leader of the Russian banking segment.”
The IT platform that was developed for the deal will become part of the general decentralised infrastructure of the financial market.