Central Bank of France’s Former Chief Joins Blockchain Startup

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The former governor of the Banque De France and prominent French economist, Mr. Christian Noyer has now joined the board of directors of blockchain startup SETL.

The startup, founded in 2015,  enables payment and settlement services built on top of a blockchain network. It intends to help market participants directly transfer cash or other assets with quick settlements.

The firm has received backing from major financial institutions, including Deloitte, Citi, Credit Agricole, S2iEM, and Computershare.

In a statement, Christian Noyer stated he looked forward to  “helping shape this exciting initiative.”

Mr. David Walker, chairman of SETL, welcomed Mr. Noyer to the board, highlighting his experience with the central banking industry, and his familiarity with the financial, regulatory and economic management space.

He continued:

“With the support of shareholders and the revenue generating projects, we have recently declared we are adding significantly to the strength to the company. At this point in the development of technology and its business applications, it is important to pick the right projects and to deliver a dependably resilient product to the market.”

The company earlier received a license to operate a central securities depository system from the Autorité des Marchés Financiers, France’s securities regulator. The company has targeted early 2019 roll-out for the depository.

As per the company’s website, its platform has an ISO/IEC 27001 certification from the International Organization for Standardization and the International Electrotechnical Commission, which indicates a specific standard for information security management.

The company also asserted its network could combine with current messaging protocols, including one utilized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).