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The Colombian stock exchange has announced its membership of the Consorcio Colibrí, a private initiative that promotes the adoption of blockchain technology in the financial sector.
As Cointelegraph Español reported on November 18, the Consorcio Colibrí was formed by major financial institutions such as Bancolombia, BBVA, Santander Caceis Colombia, Deceval, Contrato Marco, Porvenir and Skandia, among others.
Through a partnership with member company Contrato Marco, the CSE will use the Colibrí platform blockchain technology to improve operational efficiency in the over-the-counter derivatives market, which is currently time consuming, expensive and difficult to reconcile with established manual procedures, according to the CSE.
CSE President Juan Pablo Córdoba said blockchain will simplify the clearing and settlement of operational collateral.
According to La República, the agreement includes a strategy for implementing initiatives from CSE’s and Sophos Solutions’ Fintech Connection program to accelerate digital transformation across multiple business lines.
“The agreement reached with CSE will allow us to show the market that the future of financial infrastructure lies in blockchain technology,” said Juan Manuel López, executive director of Contrato Marco.
The Colombian fintech announced in October 2019 that it had successfully completed a pilot project, which used distributed ledger technology to reduce operational risk among derivatives market participants.
