Last week Spain’s Bankia submitted its tokenized blockchain payments solution to the new Fintech sandbox run by Spain’s Ministry of Economic Affairs and Digital Transformation. The project is a collaboration with Finweg, a blockchain startup in which Bankia invested last year. After Bankia concludes its merger with Caixabank this quarter, the combined entity will be Spain’s largest domestic bank.
The sandbox blockchain payments platform creates an electronic payment instrument which the bank says can have the same security status as a commercial check or promissory note.
“In this context, Bankia is committed to projects that aim to revolutionize the financial system through the digitization of services that add value to customers, such as payment systems for SMEs and companies, supported by the most advanced technology,” said Ignacio Cea, Corporate Director of Innovation and Cybersecurity Bankia.
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