Today a consortium of Finnish companies announced it is running a Proof of Concept (PoC) for trading unlisted company shares. The blockchain platform aims to digitalize the shareholder register and tokenize shares thereby enabling share issues and secondary market trading. The organizations involved are Asiakastieto, major Finnish banks Nordea and OP Financial, as well as Privanet Securities, and technology company Tieto.
In a statement, Tieto says that a significant share of Finnish household and enterprise financial assets are in non-listed company shares. Hence there’s a lack of liquidity which the new platform aims to address. It will also reduce the administrative burden and provide accessibility and visibility for the asset class.
The development included input from the Finnish Patent and Registration Office which runs the public register of Finnish companies. Additionally, the Finnish Tax Administration provided advice.
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