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BNP Paribas develops blockchain share register tool

By Anthony Strzalek

BNP Paribas Securities Services and FinTech firm SmartAngels have developed a share register management tool using blockchain technology.

The platform enables unlisted companies to digitise their financial securities and to manage their shareholder register using a decentralised, distributed ledger.

It was developed as part of a strategic partnership formed last year between France’s BNP Paribas Securities Services, and local equity crowdfunding FinTech SmartAngels.

As part of the first phase of the strategic partnership , BNP Paribas Securities Services and SmartAngels designed a number of critical functions that will enable private companies to manage the lifecycle of their financial securities, from issuance to the sale and purchase of securities.

During testing, BNP Paribas Securities Services and SmartAngels loaded the share registers of five of their clients on to the platform, including IoT connectivity service SigFox. This process helped validate the smooth functioning of the platform, using the blockchain technology.

Nelson Fernandes, blockchain – senior business lead at BNP Paribas Securities Services, said: “We are delighted to be working with SmartAngels on this project and to welcome Sigfox onto the platform during the test phase.

“We have identified where the processes relating to issuing, buying and selling unlisted stocks needs to be optimised. Our platform aims to deliver a digital solution that meets the needs of all market participants and professionals in these markets.”

Benoît Bazzocchi, president and founder of SmartAngels, added: “Our partnership with BNP Paribas Securities Services is proving very successful. We will continue to develop value added services for issuers and shareholders, including business angels and private equity firms.”

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