Reale Group announced the issue of its first fully digital surety bond, as part of the national project “Fideiussioni Digitali”. The bond was issued with the Municipality of Milan as obligee and it guarantees the completion of reclamation works in an area of Milan by the principal Milano Progetti.
The national project is promoted by a number of organizations: CeTIF, the Technologies, Innovation and Financial Services Research Center of Università Cattolica del Sacro Cuore; SIA, a European hi-tech company in payment services and infrastructures controlled by CDP Equity sovereign wealth fund; and Reply, a vendor and specialist services provider. This is in collaboration with the central bank Banca d’Italia and IVASS, the Italian insurance supervisory authority.
Mauro Gentini, special risks Manager of Reale Mutua said in a statement: “By issuing our first digital surety on blockchain, we intend to be proactive and pioneers in this collaboration and its further developments will allow us to prevent fraud and improve operational efficiency”.
Gianluca Lorenzi, head of Reale Lab 1828, the innovation center of Reale Group, said in a statement: “The adoption of a blockchain solution for the issuance of surety bonds perfectly fits into our approach to innovation, which is based on the exploration of new technologies and new business models.”