Daiwa Securities,SBI R3 JapanProgmat is a corporate bond issuance system that links the corporate bond pre-marketing system “Biancha” developed by Daiwa Securities and SBI R3 Japan with “Progmat”, a general digital asset issuance and management platform. The two parties agreed to jointly examine ways to improve efficiency.
In Japan, more than 20 trillion yen of publicly offered bonds are issued annually, but not all of the bond lifecycle from the issuance resolution to redemption is efficiently automated, especially when underwriting securities companies are involved in institutional investors. In “pre-marketing,” to confirm investment intentions, interviews were conducted by phone, email, and chat, and information was aggregated using Excel, and there was some duplication among companies. Daiwa Securities and SBI R3 Japan have launched a system called “Biancha,” which allows investors to directly enter their investment intentions into a blockchain and aggregate them, for use in inter-company transactions in order to streamline complicated pre-marketing. Jointly developed with specialized blockchain Corda.
On the other hand, Progmat is a system for traditional corporate bonds (book-entry transfer bonds) for fiduciary financial institutions, and is based on the digital corporate bond management function “DBN (tentative)” of NTT Data Group’s “B-Apps Online,” which boasts a 95% market share. Through collaboration, we announced the construction of an infrastructure that will become a cross-industry standard. Progmat also uses Corda as its blockchain platform for security tokens (digital securities)/digital bonds, and since interoperability is expected, it was decided to link the two systems and verify efficiency. .
At the moment, Biancha is aimed at streamlining pre-marketing, but it is planned to expand into a system that can further determine conditions and make allocation decisions.
｜Text/Editing: CoinDesk JAPAN Editorial Department
｜Image: From materials