UBS, a Swiss investment bank, started operations on the European trading platform We.trade in early October and is focused on the small and mid-sized enterprises (SMEs). This platform mainly establishes a credit network through blockchain technology to provide services such as payment guarantee and invoice financing for SME customers in many European banks.
According to CoinDesk, a UBS spokesperson said the bank is teaching one-on-one with its customers to help customers use the service on the new platform. In addition to UBS, other large banks such as HSBC, Societe Generale and Deutsche Bank have begun operations on We.trade.
We.trade started in the middle of last year and gradually commercialized the platform to attract more banks and SMEs. Currently using IBM’s blockchain technology development platform, but general manager Ciaran McGowan said that the company will do internal development and expand capacity in the future. “IBM has a good relationship with us, and they understand that we can’t continue to hire outsourcing technology. team.”
Marie-Laure Gastellu, deputy director of the Trade Finance Department of Societe Generale, said that many SME customers are also very satisfied that Faxon can provide relevant financing services on this platform and hopes that more banks will participate in the future. At the same time, SMEs on We.trade can also establish new relationships with other banks through the network of banks.