Christian Noyer, former Governor of the Banque De France has joined the board of directors of SETL Development Ltd.
SETL was launched in July 2015 to deploy a multi-asset, multi-currency institutional payment and settlements infrastructure based on blockchain technology. The SETL system enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The system maintains a permissioned distributed ledger of ownership and transaction records, simplifying the process of matching, settlement, custody, registration and transaction reporting.
SETL’s Chairman, Sir David Walker, said: “I am delighted to welcome Mr Noyer to the board and to thank our existing directors for their guidance and counsel over the past two years. Christian Noyer brings a wealth of experience in the financial, regulatory, economic management and central banking world. His contribution to the board process will be of significant benefit to the executive team, shareholders and stakeholders alike.
With the encouragement of shareholders and the revenue generating projects we have recently announced we are adding significantly to the strength to the company. At this stage in the development of the technology and its business applications it is important to choose the right projects and to deliver a dependably resilient product to the market.”
Christian Noyer said, “In the current environment, SETL’s technological leadership coupled with the deep experience of the team presents an unique and compelling proposition. I look forward to helping shape this extremely interesting initiative.”
Philippe Morel, CEO of SETL, added: “ The appointment of Christian Noyer as a director will assist SETL in many ways. We believe we have a technological lead in the blockchain for financial markets arena having demonstrated the ability to process billions of transactions a day, and to be able to service over 100 million addresses concurrently. We are unique in having both a financial grade product and a proven deployment route.”
“We have already received significant further indications of interest in our OpenCSD product, especially from organisations who are prominent members of competing offerings.”
Morel concluded: “We do not underestimate the challenges of re-tooling some of the most fundamental elements of our financial infrastructure but the benefits of doing so are significant and widespread. We are strongly positioned to commence that transformation and look forward to making further announcements shortly.”