State Bank of Mauritius, SALT Partner to Collateralize Blockchain Assets

Blockchain, FinTech | October 16, 2017 By:

The State Bank of Mauritius (SBM) has teamed with FinTech service provider SALT to use blockchain assets as collateral for lending services.

SBM is the second-largest bank in Mauritius with a market share of about 25% of domestic banking assets. SBM, together with its subsidiary businesses in Kenya, Mauritius, Madagascar and India, is known as SBM Group. The stock of the group is listed on the Stock Exchange of Mauritius and is owned by nearly 17,000 domestic and International shareholders. SBM has more than 1,200 employees and services over 340,000 customers through its network of 48 service units and counters in Mauritius, India and Madagascar.

SALT (an acronym for Secured Automated Lending Technology) is a tech company that has created a lending platform that allows bitcoin and ethereum to be used as collateral for cash loans in various national fiat currencies through a network of lenders.

SALT makes its money by selling its technology to others through memberships, taking a percentage of transactions, and licensing.  Membership to the lending platform is built on industry-standard ethereum ERC 20 smart contracts.

Mauritius, an Indian Ocean island nation, is looking to become a hub for blockchain companies. The collaboration between SBM and SALT is expected to build such an ecosystem on Mauritius.

SBM Group chairman K.C Li Kwong Wing said 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,” said Kwong Wing.

SALT co-founder Benjamin Yablon said the collaboration with SBM 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.

“Developing and implementing the technology on an industrial scale is the next step,” said Yablon. “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.”