Sberbank Digital Asset Platform (CFA)

The main articles are:

• Digital financial assets in Russia
• Blockchain
• Cryptocurrencies in Russia
• Blockchain in Russia
• Blockchain in Sberbank
• Smart contracts

2024

Opportunity to invest in diesel fuel and gasoline in CFA format

Sberbank provided customers with the opportunity to invest in diesel fuel and gasoline in the CFA format. CFA quotes are determined taking into account trading on the St. Petersburg International Commodity Exchange (JSC "SPIMEX"). Sberbank announced this on December 26, 22024.

The price of one CFA is tied to the cost of 1/10 ton of fuel, which reduces the entry threshold for investors. At the same time, investors can leave the CFA ahead of schedule, regardless of liquidity at exchange trading.

CFAs are issued for a period of 5 months, applications for purchase can be submitted on the Sberbank platform until February 21, 2025. Products are available to qualified investors.

Our Digital Assets platform continues to develop. We offer investors different financial instruments in the CFA format. The current release is a completely new experience: for the first time, the index CFA is tied to the cost of petroleum products on the Russian market. In general, digital assets are an excellent and promising tool for diversifying the investment portfolio. I think this issue will be another step in the development of the CFA market in our country, said Alexander Vedyakhin, First Deputy Chairman of the Management Board of Sberbank.

{{quote 'author=noted Igor Artemyev, President of SPIMEX. | Placed CFAs are formed on the basis of SPIMEX data on the most liquid exchange-traded goods. For the Exchange, it is important both the quality and reliability of the data and the modernity of the methods of delivery of price and statistical information that we provide through the SPX platform. We are pleased that our data has high value and relevance for the market and allow us to implement advanced projects,}}

Adding the Documents blockchain service

Sberbank's blockchain service "Documents" will simplify interaction between audit organizations and their clients. Now auditors will be able to join the digital asset platform and ask customers for a help form. Providing information for the audit company (about account numbers, turnover on them, accrued interest, and so on) in a convenient and secure format. Sergei Popov, director of the Transactional Business division of Sberbank, spoke about this on November 13, 2024.

Previously, when the auditor asked the client to prepare a certificate, the company had to order the document from the Internet bank SberBusiness and send it to the auditor on its own. Now everything is much simpler and faster: it is enough for an audit organization to register on the Sberbank digital asset platform and request a certificate through it. The client will only have to confirm this order Internet bank to SberBusiness - Sber will take it upon himself to create and send a certificate to the auditor.

The bank uses smart contracts as a blockchain tool to order help and send a link to the finished document to the auditor's interface. The client will also see help in the Internet bank SberBusiness in the "Help" section.

Шаблон:Quote 'author=said Sergei Popov, Director of the Transactional Business Division of Sberbank.

Ability to register on the digital asset platform to all individuals

Sberbank on February 2, 2024 provided the opportunity to register on the platform of digital assets to all individuals.

Sberbank has opened access to its digital asset platform to all private investors, and investors who have received the status of a qualified investor in relation to the CFA are already making their first operations on it.

{{quote 'author=said Anatoly Popov, Deputy Chairman of the Management Board of Sberbank. | In the first month after the launch of the CFA, about a hundred such CFAs were successfully purchased on the digital square meter index for a limited circle of investors on our platform. Now this investment instrument is available to all private investors qualified in relation to CFA. The index CFA will help our clients diversify their portfolio and become part of the fast-growing high-tech CFA market in Russia,}}

The minimum amount of CFA that an individual can purchase is 1. The placement of the CFA will last until 18:00 (Moscow time) on February 15, 2024. Repayment of the issue of CFA is planned from December 11 to December 16, 2026. In this case, in accordance with the decision on the issue, investors may have the opportunity to sell the CFA to the issuer before the maturity date.

To start investing in the DFA on the digital square meter index, an individual needs:

• be a Sberbank client and a qualified investor to acquire the CFA;
• register on the Sberbank digital asset platform and create a wallet for operations with the CFA;
• transfer to Sberbank the funds necessary for the acquisition of CFA;
• in the list of index CFAs, select CFAs per index of digital square meter, familiarize yourself with the release decision, including the section describing the risks associated with the acquisition of CFAs.

2023

Issue of CFA for Digital Square Meter Index for Individuals

Sberbank on December 22, 2023 announced the beginning of the issue of digital financial assets (CFA) for the digital square meter index. The release is carried out in the Sberbank information system on the basis of a distributed register. As a result, qualified investors will have the opportunity to invest in an instrument tied to the average cost of residential real estate in Moscow. The amount of payments for CFA is dependent on the value of the Digital Square Meter Index (SBERDSMI), which is published on the Sberbank CIB Index portal.

The proposed tool provides additional opportunities for diversifying the investment portfolio of retail investors. The cost of 1 CFA is equal to the value of SBERDSMI. The planned repayment of the issue is provided for in the period from December 11 to 16, 2026, while investors may have the opportunity to sell the CFA to the issuer before the maturity date in accordance with the decision on the issue.

The CFA for the digital square meter index is still available to a limited range of qualified investors.

Providing access to the digital asset platform to individuals

Sberbank has expanded the functionality of its digital asset platform for individuals who are clients of the bank. Previously, only legal entities ― clients of the bank had access to the Sberbank platform.

Now individuals have access to the possibility of crediting and withdrawing funds for settlements on transactions with digital financial assets (CFA). So far, this functionality is being tested on a limited group of users. This was announced on December 6, 2023 by Anatoly Popov, Deputy Chairman of the Management Board of Sberbank.

"Sberbank became the first bank in Russia to be included in the register of information system operators. For the entire period of work in the Sberbank information system, 63 issues of the CFA were registered. The amount of the issue on these issues amounted to about 2 billion rubles. For retail clients of the bank, this form of investment will become another digital way of placing funds, "said Anatoly Popov, Deputy Chairman of the Management Board of Sberbank.

In March 2022, Sberbank was included in the register of information system operators issuing CFA. The issue is carried out through a smart contract - an algorithm that controls compliance with the terms of issue (amount, term, profitability and others). On the platform, you can issue and purchase CFAs, present obligations to issuers for execution and perform other transactions.

Conducting a Test Credit Transaction

Sberbank conducted a test lending transaction, the collateral of which was digital financial assets (CFA). This is another step towards finding new niches for the application of the CFA instrument in financial markets. The purpose of the transaction is to study client experience, legal form and implementation mechanisms. Sberbank announced this on November 21, 2023.

Financing on the bail of the CFA was received by Datsik Group of Companies, the owner of the Omega shopping center in Togliatti. In this design, CFA allows you to strengthen collateral and design more complex financing transactions that suit the needs of the client.

Шаблон:Quote 'author=said Kirill Demin, vice president of Sberbank.

Lending through digital financial assets under real property collateral

Sberbank on August 22, 2023 announced a lending transaction through digital financial assets (CFA) under a real property pledge. This is an analogue of a loan in which CFAs are a debt obligation secured by a pledge in the form of movable property of the company and goods in circulation, and the decision to issue contains information about the subject of the pledge.

The issuer of the first digital loan transaction on property collateral was TD GRAS LLC, one of the Russian manufacturers of professional detergents, auto chemistry and autocosmetics. The loan volume amounted to 100 million rubles. The Company is considering further lending through CFA.

{{quote 'author=Anatoly Popov, Deputy Chairman of the Management Board of Sberbank. | The issuance of the first loan in Russia through the CFA secured by real assets is a significant event not only for Sberbank, but also for the entire country's economy. The distributed registry technology on which the digital asset market is based is one of the most promising in the world. Its use allows you to eliminate optional intermediaries in the transaction process, speed up and reduce the cost of it, as well as make transactions safer. Therefore, we expect new credit transactions through CFA and further dissemination of such practices,}}

Ability to check the issuer's reliability

Sberbank has improved the platform for the release of digital financial assets (CFA). This service allows you to assess the financial reliability of the issuer (with his consent), which will help investors make informed investment decisions and assess the level of risk for their investments. Sberbank announced this on May 30, 2023.

In March 2022, Sberbank was included in the register of information system operators issuing CFA. At the end of May 2023, 27 issues have already been registered. The issue is carried out through a smart contract - an algorithm that monitors compliance with the terms of issue (amount, term, profitability and others). On the platform, it is possible to issue and purchase CFAs, present obligations to issuers for execution and perform other transactions, for example, upon change of ownership.

{{quote 'author=said Anatoly Popov, Deputy Chairman of the Management Board of Sberbank. | Sberbank's digital assets are developing rapidly, our goal is to provide issuers and investors with the best customer experience in the market. The issuer's financial reliability assessment service is an important step that makes investments in CFAs safer and more predictable. We see great prospects for the CFA in Russia and continue to improve our platform so that it is convenient and easy to work on it not only for legal entities, but also for individuals whom we also plan to provide access,}}

2022

Output of CFA for gold

Sber starts extension digital financial assets (CFA) to. gold This was announced on December 12, 2022 by TAdviser representatives of Sberbank. As they specified, the release will be carried out on its own. to blockchain platform bank As a result, investors will have the opportunity to purchase an analogue of a traditional instrument, an impersonal metal account, in digital format. The CFA for gold will allow you to receive investment income depending on the dynamics of the price of gold.

Sber began issuing digital financial assets for gold
Photo: gold10.ru

The financial instrument proposed by the bank provides a quick process for concluding a transaction that is made in the information system at the request of the investor using a smart contract without the participation of intermediaries. Investors will also be able to transfer assets to other platform users, which will ensure the secondary turnover of the CFA.

"The Russian market for digital financial assets is at the initial stage of its development. Nevertheless, we see that digital assets have great prospects for the bank's customers and allow us to take existing financial instruments to the next level. The release of CFA for gold right now is a timely measure in the changing financial landscape. Gold is a liquid investment and protective asset, investments in which are especially relevant for business as of the end of 2022, "said Anatoly Popov, Deputy Chairman of the Management Board of Sberbank.

Bringing the Platform to Market

Sberbank has launched its own platform for the release of digital assets. The bank announced this to TAdviser on July 9, 2022. The first transaction on it was the issue of digital financial assets (CFA) of SberFactoring. The issuer's obligations are secured by receivables transferred to factoring services. The volume of production amounted to 1 billion rubles, the term of placement - 3 months.

Sberbank held the first deal to issue digital financial assets on its own platform

CFAs are produced on a platform developed by the bank using blockchain technology. The issue is carried out using a smart contract - an algorithm that controls compliance with the conditions laid down in the decision on the release of CFA: amount, term, yield of issue and others.

As specified in Sberbank, as of July 9, the platform works in pilot mode for a limited number of users, but soon all corporate clients of the bank will be able to connect to it. In the future, Sberbank plans to expand the product line of digital assets available for release on the platform.

According to Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, Sberbank's digital asset platform has good prospects, since the digital format "significantly speeds up and simplifies the process of issuing financial instruments and reduces the threshold for entering the market."

The launch of the platform and our acquisition of operator status is the result of the teamwork of many departments of our bank in close cooperation with the Bank of Russia. It is important that the research carried out by our Blockchain Laboratory is already being implemented in industrial business solutions, and this contributes to the accelerated development of the promising CFA market in the country, "added Anatoly Popov.

Accounting and circulation of CFA

On March 17, 2022, Sberbank was included in the register of information system operators in which digital financial assets (CFA) are issued.

Accounting and circulation of CFAs issued on the Sberbank digital asset platform will take place in an information system created on the basis of a distributed register using blockchain technology, which guarantees data security and the impossibility of spoofing information.

The first opportunities of the Sberbank digital asset platform will be appreciated by legal entities that can:

• issue its own CFAs certifying monetary requirements, which will allow attracting investments from the market;
• acquire CFAs produced in the Sberbank information system, which will make it possible to invest temporarily free funds in order to generate income;
• perform other transactions with the CFA provided for by the legislation of the Russian Federation.

In a month, legal entities will be able to perform the first operations on our blockchain platform. While we are at the beginning of the path of working with digital assets, realizing that adaptation of the existing regulatory framework is necessary for further development. In this direction, we are ready to cooperate closely with the regulator and executive authorities, "said Sergei Popov, Director of the Transactional Business Division of Sberbank.