The State Bank of Mauritius, SBM Group and FinTech service provider SALT (www.SaltLending.com), creators of the first blockchain-backed loan platform, today announced that they have entered into an exploratory relationship to become the first to use blockchain assets as collateral for lending services. SALT, which stands for Secured Automated Lending Technology, is a Financial Technology company. Their risk mitigation software allows financial entities, like SBM, to safely participate in a new market for loans collateralized by blockchain assets.
“We are keen to explore providing banking services to this innovative company,” said K.C Li Kwong Wing, Chairman of the SBM Group. “This relationship will go a long way toward achieving our nation’s goal of becoming a hub for outstanding blockchain companies and fostering financial inclusion.”
Chairman K.C Li further noted that “SALT’s blockchain-backed loan platform can give the SBM Group a tremendous opportunity to be a leader in this new global economy by facilitating the lending against borrower’s blockchain assets. This relationship can enable the SBM to increase the scope and scale of its reach, providing an effective manner in which to participate with the world’s most rapidly expanding asset classes.”
“The relationship will provide expertise and resources to develop and drive adoption of innovative blockchain business use cases, leveraging SALT’s protocol and asset agnostic distributed ledger based architecture,” said Benjamin Yablon, Co-founder of SALT. Benjamin Yablon is now based in Mauritius and is driving the initiative with the SBM. This relationship can enable the SBM Group to solidify a market-leading position in blockchain credit managed services, infrastructure, and security, setting a new standard for efficiency and quality of service.
“The potential for Blockchain Technology to bring innovation to the financial services industry is clear,” continued Benjamin Yablon. “Developing and implementing the technology on an industrial scale is the next step. Our partnership with SBM can help financial institutions realize this potential, bringing new levels of efficiency and revenue. With forward-thinking institutions like SBM as partners, SALT has the potential to provide its services to even more of the global blockchain community.”
James Duchenne, Managing Partner at Sutton Stone, a venture building and blockchain advisory firm, established the relationship between SALT and SBM. “Mauritius is an ideal destination for innovative blockchain start-ups with its sandbox licensing scheme that can provide regulatory clarity, in addition to considered mechanisms for Foreign Direct Crypto Investment (FDCI) and facilitation of the commercialization of blockchain ventures in Africa and India. As SALT works its way through the Sandbox process, other innovative blockchain companies are going to consider Mauritius as a top destination for their operations centers. The SBM exploring with SALT to build the ecosystem is a perfect example of the drive to excel from Mauritius.”
ABOUT THE SBM GROUP
SBM Group is one of the largest banking and financial services institutions listed on the Stock Exchange of Mauritius with a market capitalization of MUR 23.3 billion as at 31 July 2017 and total assets of MUR 177.2 billion as at 30 June 2017. It has a Moody’s Ratings of Baa3 and is ranked among the top 1,000 banks in the world by The Banker.
The Group acts as a one-stop-shop for financial services offering retail and business solutions, treasury services, international banking facilities, e-business platform, trade finance, wealth management and investment banking activities, among others. SBM Group is present in Mauritius, Madagascar, India, and Kenya and is building its strategic focus of being a strong regional player mirroring the national strategy.
SALT operates a blockchain-backed lending ecosystem. Its Secured Automated Lending Technology facilitates a new market for loans that are cost-effective and fair, protecting the investments of both lenders and borrowers. By providing a trustworthy, globally available solution for blockchain-backed loans, SALT allows borrowers to simultaneously preserve and capitalize on the value of their holdings. SALT’s innovative risk-mitigation and loan management tools give lenders a gateway to investing in this rapidly growing class of assets.