CBA and World Bank collaborate for DLT bond issuance

World Bank

It has been termed "bond-i" which is an acronym for Blockchain Offered New Debt Instrument.

The Commonwealth Bank of Australia (CBA) will reportedly create, allocate, transfer and manage the bond using Blockchain technology.

The bank did not say when the new "blockchain operated new debt instrument" (apparently named after a famous Australian beach) will launch, but investor interest "has been strong", according to a press release.

"We believe that this transaction will be groundbreaking as a demonstration of how blockchain technology can act as a facilitating platform for different participants".

CBA general manager for worldwide markets James Wall heralded the partnership for using the decentralized technology to increase the efficiency of financing for countries with extreme poverty. A news release issued by the global financial institution earlier today on August 10 says that it has given the Commonwealth Bank of Australia (CBA) authority to start the issuance of bonds exclusively on blockchain.

The initiative is also part of the World Banks' mission to stop poverty using innovative technologies like blockchain. The team at CommBank has carried out intensive research and analysis to ensure that the bond issuance is carried out smoothly.

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The World Bank said it has been exploring the benefits of disruptive technologies, such as blockchain, across all its operations to accelerate progress towards the Sustainable Development Goals. CBA has further informed that the bond would welcome other blockchain technologies in the future times. The partnership will also leverage the CBA's globally recognized Blockchain Centre of Excellence which is based in the Sydney Innovation Labs. The computing infrastructure will run on Microsoft's Azure cloud platform.

CommBank, which designed and developed the platform, said it is a private blockchain on top of the ethereum network and had been reviewed by Microsoft regarding its architecture, security and resilience.

The Washington-based development lender aims to raise about AUD 50 million (about $36 million or around Rs. 252 crores), although it could be double that if more investors get involved before the bond is finalized the week of August 20. Now that the World Bank Group has given CommBank this mandate, it's all systems go.

The World Bank provides loans, guarantees, risk management products, and advisory services to middle-income and other creditworthy countries to support the Sustainable Development Goals and to end extreme poverty and promote shared prosperity.

Today, we have grown to become one of the world's leading financial institutions.

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