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News

Sberbank to launch blockchain platform made on Hyperledger Fabric

Tuesday 11 August 2020 11:17 CET | News

Russia-based Sberbank has made plans to launch a blockchain platform designed for trade finance, built on Hyperledger Fabric. 

Furthermore, the bank has been reported to be planning to launch its own stablecoin. However, there has been no concrete plan yet for thus said stablecoin, as the bank is currently waiting for a new digital assets law to become official in January 2021. Meanwhile, Sberbank has released financial highlights for the first seven months of 2020. 

In July 2020 alone, the bank achieved the following:
  • The Bank earned RUB 65.6 billion in net profit, ROE came in at 15.9% for the month;
  • Combined loan portfolio was up by 0.9% in July, excluding the effect of FX revaluation, with retail portfolio expanding by 1.8%;
  • Retail client accounts increased by 1.3% and were up 0.4% excluding the effect of FX revaluation;
  • Operating income before provisions grew by 36% year-on-year, mainly due to net interest income and net trading income.

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Keywords: Sberbank, Hyperledger Fabric, blockchain, platform, Russia, stablecoin, digital assets, digital assets law, financial highlights
Categories: Banking & Fintech
Companies:
Countries: Russian Federation
This article is part of category

Banking & Fintech

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