Porsche Holding Salzburg, the largest car distributor in Europe controlled by Volkswagen AG, obtained a $ 170 million loan based on a blockchain organized by Spain's second largest bank, Banco Bilbao Vizcaya Argentaria (BBVA).
According to the Finextra financial news site, BBVA has negotiated and closed a $ 170 million forward loan for Porsche Holdings using blockchain technology, supporting strategic acquisitions in the retail distribution network in Europe and Asia.
The loan was granted through the platform developed by BBVA itself and based on the distributed ledger technology.
This agreement with Porsche Holdings is the first conducted by BBVA with a non-Spanish borrower. The second largest bank in Spain believes that, since execution speed is essential for the success of financial acquisition operations, the use of general accounting technology is particularly relevant.
BBVA CIB chief Frank Hoefnagels said: "This transaction involves putting blockchain technology into a significant practice in our customer interactions, our goal is to improve customer experience by simplifying processes and increasing the speed of execution ".
Dominik Paschinger, Managing Director of Porsche Corporate Finance in Belgium, has agreed with Hoefnagels and stated:
"As digitalisation is an integral part of Porsche Holding's 2025 strategy, the goal is to move forward in all fields of activity: we think that blockchain technology has great potential and we are therefore very excited to be able to explore the technological capabilities together with BBVA . "
BBVA hopes to use blockchain to automate negotiation processes and minimize operational risks as well as improve customer experience. According to BBVA, the use of the blockchain for this loan has shown to what extent new technologies can make a leap in efficiency in the financial markets.
BBVA has already used its platform for several other types of loan agreements with Spanish organizations and adds that "the objective of BBVA is to offer its corporate clients not only the most appropriate financial solutions, but also innovations and technological capabilities # 39; vanguard, like blockchain. & # 39;
Your wait is over.
Porsche presents the new 911.
The silhouette: iconic.
Technology: inspired by racing victories.
Design: timeless.# NewPorsche911 #TimelessMachine #Porsche # 992 pic.twitter.com/g8Nqd7r0pR
– Porsche (@Porsche) November 28, 2018
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