SBM Group one of the largest banking and financial services institutions listed on the Stock Exchange of Mauritius and SALT, creators of a blockchain-backed lending ecosystem, today announced that they have entered into an exploratory relationship to use blockchain assets as collateral for lending services. SALT, which stands for Secured Automated Lending Technology uses risk mitigation software that allows financial entities, like SBM, to safely participate in a new market for loans collateralized by blockchain assets.
K.C Li Kwong Wing, Chairman of the SBM Group (State Bank of Mauritius) said:
“We are keen to explore providing banking services to this innovative company. 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.”
“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.”
Benjamin Yablon, Co-founder of SALT commented:
“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. The potential for blockchain technology to bring innovation to the financial services industry is clear.”
“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.”
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.
James Duchenne, the 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.”
SBM Group has 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. The company 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 on being a strong regional player mirroring the national strategy.