La Forge de la SocGen is experimenting with issuing financial securities on several blockchains
Jean-Marc Stenger underlined that public networks improve interoperability in financial markets.
Jean-Marc Stenger, Director of Forge, comments on the activity and projects of the blockchain subsidiary of Société Générale.
Forge was the result of an internal innovation program at Société Générale about three years ago, but has recently been transformed into a separate subsidiary – albeit 100% owned by the bank.
On July 20, 2020, the Banque de France had selected Société Générale as part of its call for applications to experiment with the use of a central bank digital currency for interbank settlements. In September, Société Générale chose the Tezos blockchain to experiment with its CBDC.
Tezos, Nomadic Labs and Societe Generale explore the potential contributions of a currency issued by a central bank to improve the functioning of financial markets, particularly interbank settlements.
Jean-Marc Stenger, CEO of Forge, stated:
“One of the key assumptions we made when we started this development is to make sure that we remain a bank. We’re not going to turn into IT service providers or anything like that. “
His comments come about a month after Societe Generale announced a partnership with ConsenSys , which will also be involved in the issuance and management of a CBDC, among others.