Graduates of Sberbank-500 program have presented their project at the Bank's Innovative laboratories d-day
On July 19 the graduates of Sberbank-500 program presented their final project at the DemoDay of Innovative technologies at the Bank. The authors of the project suggest using blockchain technology in repo deals, thus increasing transparency and minimizing the risks of financial losses.
“Today in the Bank the repo deals are made on paper without secure digital instruments. There is no possibility to make a rapid audit or verification of information of the client or the bank. As a result, it may lead to the possible financial losses and mistakes”,- explains Evgeniy Russkih, one of the authors of the projects and a graduate of Sberbank-500 program.
The new system will help to make the process of conducting the deals automatic, and will allow monitoring when the margin call is reached or other conditions of the deal are met. It will also create more trusting relationship between the participants of the financial market.
According to another author of the idea, Alexander Ozharovskiy, who also graduated from Sberbank-500 program, the system is unique and its application is not limited by the repo market. “Besides repo, this technology may be modified for derivatives and be used on a large-scale on the financial market. It can become a part of the whole Sberbank investment system, where there will be a place for digital financial assets, cryptocurrency, and other elements”,- he says.
The project was made with the support of Sberbank Blockchain laboratory. It was called the best project of the seventh intake of Sberbank-500 program, that finished in summer 2018. All attendants of the program must work on a project that is aimed at solving a real Bank’s problem.
Sberbank-500 was one of the programs of the Sberbank Corporate University for middle managers from 2011 till 2018. It was carried out together with INSEAD. It lasted for 10 months and included work in groups with managers from different locations and professional areas to ensure maximum exchange of experience and knowledge.