The second-largest bank, Mauritius, the State Bank of Mauritius (SBM), wants to test the use of digital assets as collateral for loans together with the start-up SALT.
SALT (Secured Automated Lending Technology) connects lender and borrower through the use of blockchain assets as collateral for lending. On Friday, the start-up has announced that it has partnered with SBM to provide liquidity for digital assets.
Motivation: Financial Inclusion
The island state of Mauritius calls itself an advanced financial center in Africa and also wants to position itself as a target for blockchain start-ups. In May, BTC-ECHO reported on the ambitious plans that the chairman of SBM Group, K.C. Kwong Wing emphasized once again in the course of the cooperation:
“We are very interested in offering banking services to this innovative company. This relationship will make a significant contribution to reaching our nation’s goal of becoming a hub for outstanding blockchain companies and promoting financial inclusion. “
“Financial Inclusion” is the aim of providing access to formal financial services for all people. While in the industrialized countries the possibility of opening or opening credits is considered self-evident, more than two billion people worldwide have no access to such financial services.
Mauritius and the start-ups
Already in the summer of this year, the Mauritian government was negotiating with a start-up to develop the role of the island as a blockchain center. Representatives of the New York Ethereum start-up ConsenSys met with members of the public and private sector. The aim of the talks was the creation of a so-called “Ethereum Island”. This is to support blockchain innovators in the search for branch offices in Africa, Asia and elsewhere. With the partnership between SBM and SALT, Mauritius is already on the right track to achieving its ambitious goal.
~Written by happy_c0der
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