Odaily made a series of reports on the first batch of filing lists of the Cyberspace Administration of China, including many scenarios about the application of supply chain finance. Recently, it came into contact withShenzhen Turing Singularity Intelligent Technology Co., Ltd.The filed "securitization asset management system" is also one of them.
It is understood that its main service is accounts receivable securitization, a securitization product that is increasingly valued by the financial industry.
Before talking about how the blockchain is applied, let's take a look at what asset securitization is and how it is issued.
Asset securitization is a financing tool in which promoters obtain financing by issuing asset-backed securities based on assets. After the issuer obtains the issuance qualification in the exchange bond market, it needs to complete various preparations such as the writing of the rating report and the legal review and due diligence of the contract documents, and finally issue to the asset-backed securities subscribers in the national inter-bank bond market or the exchange bond market .
It can be seen that due diligence agencies such as ABS issuers, SPVs, exchanges, rating agencies, and law firms are involved. Traditionally, the audit preparation work of rating agencies and law firms is very complicated, and rating agencies and law firms need to share the same contract and original documents. As a result, the collaboration between the two parties is inefficient and usually takes a long time.
For the accounts receivable securitization products we mentioned earlier, they are more time-sensitive, and the value of asset packages will change greatly during the long-term due diligence and issuance process.
What about adding blockchain?
Guo Cheng, the founder of Turing Singularity, introduced that a recently completed project involved more than 77,600 assets, with more than 100,000 contracts and other documents attached. Based on the "Securitization Asset Management System",on the other hand,
on the other hand,Since the chain cannot be tampered with, each information update can be publicly queried, and for investment institutions, all data from the initial stage can be tracked.Industry analysts said that 90% of people may not read this data, but the other 10% may read very high-quality information from it to help invest.
What is "Securitization Asset Management System"?
Guo Cheng introduced that the underlying blockchain of the system is developed based on an open architecture called Tendermint. "Securitization Asset Management System" currently mainly serves the Beijing Financial Assets Exchange. In this system, the nodes on the chain include the Beijing Financial Assets Exchange, the ABS issuer, and Turing Singularity Company as an information service organization. Responsible for and assisting issuers, SPVs, law firms, and rating agencies to better perform their duties.
Other organizations are also users of the system. When they need to obtain information from the chain or submit files, they initiate a request. After receiving the request, the node checks the legitimacy of the request and votes. After reaching an agreement, the node that receives the request Return the result.
The "Securitization Asset Management System" is aimed at ABS issuers and investors (mainly banks). Since its launch in October 2018, it has served 5 ABS project issuances with a total scale of 4.059 billion.
In terms of team, the company has a total of about 40 people, of which technology accounts for more than 80%. The core team is mainly from Tsinghua University, and most of their previous work experience comes from financial institutions. The founder Guo Cheng once worked for the People's Bank of China.
I am Odaily reporter Wu Suixin (WeChat ID wsuixin12), please note your name, unit, title and reason when adding friends.
I am Odaily reporter Wu Suixin (WeChat ID wsuixin12), please note your name, unit, title and reason when adding friends.
