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Santiago Stock Exchange Partners with Blockchain Alliance to Attract Overseas Investors

Aug 29, 2019
byOmar Abbas

The Santiago Stock Exchange (STE), the Chile’s major stock market, is looking to create more efficiencies and increase foreign investors to the Latin American country by way of a new hyperledger blockchain initiative. The STE is partnering with the Global Trade Directory (GTD) and Central Securities Depository (DCV) to form an alliance “for the development of various Blockchain-based applications for the financial market”, according to the press release. This partnership is the first of its kind in the Latin American region.

“Innovation is a strategic pillar for the Santiago Stock Exchange. Through this Consortium we seek to generate the best conditions for the stock and financial business, with innovative and world-class solutions. In that sense, this alliance will allow us to make Blockchain technology available to different actors, facilitating the conduct of our clients’ businesses,”said Santiago Stock Exchange’s General Manager, Jose Antonio Martinez.

The General Manager of the Central Securities Depository (DCV), Fernando Yanez, added that, “Since 2017 we have been working with other securities deposits in the world in the application of blockchain to the services of our industry, to which is added the project that we are carrying out with the Central Bank of Chile to incorporate this technology in the issuance of its financial instruments.”

Earlier in the month, Uruguayan-based bank technology provider Bantotal partnered with cryptocurrency exchange Bitex to expedite cross-border transactions using Bitcoin. Bantotal services over 60 different banks and financial institutions across Latin and South America and estimates that 20 million people across the continent utilize the tech firm’s money management services.