Recently, the Law of Digital Transformation of the financial sector, which includes the regulation of sandbox so that innovative products can be tested in a manner controlled by the regulatory authority.
In this context, the Spanish bank Bankia has presented a project for digital payments with blockchain technology for the first call of the sandbox in Spain, with the aim of transforming payment processes, cash flow management and liquidity management, and which would be developed in collaboration with the Fintech Finweg, as indicated in the communicated on its website.
This innovative project presented by Bankia and Finweg consists of a new digital payments platform that develops a tokenization model of operations with blockchain technology. In this sense, the digitization of checks, promissory notes, letters of credit and other instruments used by companies would be sought, allowing transactions to be carried out in real time and through a common platform.
With regard to business collaboration, Bankia has collaborated with Finweg since 2018, when the latter was a finalist in the IV edition of 'Bankia Fintech by Innsomnia'. Likewise, a proof of concept has been successfully implemented that demonstrates the functionality of the full cycle of operations with promissory notes and electronic checks. Finally, the 'Bankia Fintech Venture' fund acquired 20% of Finweg's capital last year.