BNP Paribas confirmed its commitment to blockchain technology earlier this year with the successful completion of Blockchain Bizhackathon.
Now according to latest reports, BNP Paribas Securities Services, a subsidiary of BNP Paribas banking group, has set up an innovation and digital lab (I&D Lab) that will focus on the use of big data and distributed ledger technologies and potential investment opportunities in the fintech sector.
Finextra reported that the new unit will be headed by Philippe Ruault, the bank’s former head of clearing, settlement and custody products and will be situated at the company's Paris-based campus.
Initially, the lab will consist of a team of at least 20 experts with expertise in IT, product design and client development. In addition, it will also see involvement of external technology specialists to assist with specific areas of development.
The I&D Lab, with an initial focus on big data and distributed ledger technology, will explore how technology can assist with data management and visualisation, the distribution of products and new ways of helping clients in management of their cash and liquidity requirements.
Besides developing technology in-house, BNP Paribas Securities Services said that it will look at identifying opportunities to invest in and partner with external organisations, including leading fintech startups and other R&D laboratories.
Finextra noted that the bank is already holding talks with several organizations. In April, BNP Paribas Securities Services partnered with Smart Angels and announced plans to launch a crowdfunding platform utilising distributed ledger technology.
