Russia’s Sber conducted the first deal to issue DFA

The issuer’s liabilities are secured by receivables transferred for factoring services

11.07.2022 - 09:00

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What’s new? Sber has conducted its first deal to issue digital financial assets (DFAs) of SberFactoring, on its own platform. This was reported by the bank’s press service. The issuer’s liabilities are secured by receivables transferred for factoring services. The volume of the issue amounts to 1 billion Russian rubles, and the term of the placement is 3 months.

Press release

What are the prospects? So far the platform is in a test mode for a small number of users, but soon all the bank’s corporate clients will be able to join. DFAs are issued on blockchain technology using a smart contract. It is an algorithm that controls compliance with the conditions included in the issuance decision: term, amount, yield of the issue, and others.

Going forward, Sber intends to expand the list of products available for issuance on the platform. Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, noted that its launch contributes to the development of the DFA market in Russia. He added:

“Our platform has good prospects since the digital format significantly speeds up and simplifies the process of issuing financial instruments and lowers the threshold for entering the market.”

On June 28, the first operations on the issuance and placement of DFAs secured by cash claims took place in Russia. The receivables pool was tokenized on the platform of Lighthouse, the issue was bought by VTB Factoring. The issuer and the volume of the placement were not disclosed, it was specified only that “the liquidity has been attracted for operational activities.”

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