The Colombian Stock Exchange (CSE) has announced that it is joining the Consorcio Colibrí, a private initiative that promotes the adoption of blockchain technology within the finance industry.
It has been reported that Consorcio Colibrí was formed by major financial institutions such as Bancolombia, BBVA, Santander Caceis Colombia, Deceval, Contrato Marco, Porvenir, and Skandia, among others.
The CSE stated that through a partnership with member firm Contrato Marco, the CSE will use the Colibrí platform’s blockchain tech 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.
Juan Pablo Córdoba, the President of CSE, said that blockchain will streamline the clearing and settlement of operational guarantees.
However, according to La República, the agreement includes a strategy for implementing initiatives from the Fintech Connection Program of CSE and Sophos Solutions to accelerate digital transformation in different lines of business.
Juan Manuel López, the Executive Director of the Contrato Marco, said:
“The agreement reached with CSE will allow us to show the market that the future of financial infrastructures lies in blockchain technology.”
Thus, the Colombian fintech announced in October 2019 that it completed a successful pilot, which used distributed ledger technology to reduce operational risk among participants in the derivatives market.