Banco Santander plans to utilize blockchain and other new technologies within its capital markets business to change how securities are issued, traded and settled.
John Whelan, director of the bank’s blockchain lab, will lead the new ‘Digital Investment Banking’ team within Santander Corporate & Investment Banking. The goal is to ensure Santander is using the latest technologies, including exploring the use of tokenized securities in debt capital markets, derivatives and other products.
“The wave of digitalization that is occurring in the financial industry is accelerating,” said José M. Linares, Santander’s senior executive vice-president and global head of Santander Corporate & Investment Banking. “Our clients expect this to result in better solutions, lower costs and new categories of products and services that enable them to access capital markets more efficiently than ever before. We want to offer our clients what they expect from us”.
Whelan joined Banco Santander’s blockchain lab in 2016, leading a team responsible for exploring the application of this technology in the financial industry.
Santander is a founding member of several consortia, including the Enterprise Ethereum Alliance, Alastria, we.trade and Utility Settlement Coin.