Exclusive Interview with Sophie Gilder, Head of Chains, Commonwealth Bank of Australia


nnnThe Australian Commonwealth Bank (CBA) has been involved in a number of groundbreaking block chain programs since last year. To this end, OpenGov exclusive interview with the Federal Bank of the banking and market sector global innovation laboratory block chain leader Sophie Gilder. The development of block-chain projects, block-chain technology development in Australia in recent years, the way banks cooperate with block-chain start-ups and other interbank banks, and the chain-chain application development and promotion Challenges and other issues expressed views.n
nnTranslation: Clovern
nSince last year, the Commonwealth Bank of Australia has been involved in a number of groundbreaking block chain programs.n
nBlock chain or distributed ledger technology (DLT) has the potential to completely reshape the financial services industry. The industry has also been at the forefront of this technology test, launched a number of cross-border payments, trade finance, clearing and settlement and other areas of the project.n
nThe Australian Commonwealth Bank (CBA), one of Australia’s “Big Four Banks”, has been involved in a number of groundbreaking block chain programs since last year. In October 2016, Wells Fargo and cotton traders Brighann Cotton conducted the first global trade deal between two independent banks to combine block-chain technology, smart contracts and the Internet of Things. The deal involves the transfer of cotton from Texas to Qingdao, China. In January 2017, the bank announced that it had created the first government bond with Queensland Treasury Corporation (QTC) to use the chain chain.n
nOpenGov was fortunate enough to interview Sophie Gilder, head of the chain of global innovation laboratories at the bank and market department of the Federal Bank. Ms. Gilder joined the CBA Bank’s debt capital markets and securitization teams in 2014 and collaborated directly with clients, investors and rating agencies in transaction consulting, organization and execution in the corporate, financial and asset markets. Prior to working with the Commonwealth Bank, Ms. Gilder held a number of positions in Australia and the European investment banks and capital markets.n
nWhat can you tell us about your main position as head of the Commonwealth Bank of Australia (CBA) Global Innovation Labs?n
nnAs the head of the CBA Global Innovation Labs Chain, I am responsible for sorting out the chain of chains that we are currently working on to explore the advantages and limitations of block-chain technology. We work with customers and business units of all banking groups to solve practical business problems and have a team of technical expertise. The team leader team is responsible for building prototypes. At the same time, we also work closely with other market stakeholders (such as governments, regulators, universities and industry organizations) to share our experience and get help from the information they provide.n
nnCan you summarize the development of block chain technology in Australia?n
nnThe development of block chains in Australia is only very specific for a specific customer base, and has produced some great creative ideas. At the same time, there has been a community of start-ups, large financial services providers, firms, businesses, universities and government agencies, and are actively researching and testing the technology and working on the technology. These participants are working to achieve the first enterprise-class block chain solution.n
nnWhat CBA is currently studying the application of the block chain? Can you talk about ongoing or planned block-based projects?n
nnAreas of interest include digital identity management, greater efficiency for capital markets and corporate lending, reduced transaction costs and frictions in supply chains and international trade, building a rich, efficient and convenient payment mechanism, Efficient and transparent approach to regulatory and compliance obligations.n
nWhat is the role of start-up companies and approved banks in the development of block chains? How does CBA work with other banks or financial start-ups?n
nCBA is actively working with other banks and start-ups to carry out various tests. We benefit from the flexible approach and creativity of start-up companies, and we can also provide expertise in laws, regulations, compliance and risk issues, and use our existing scale, data and customer base to help them. We also work with global prospective banks to share ideas and conduct mutually beneficial experiments.n
nnEarlier this year, CBA and Queensland Treasury Corporation (QTC) used block-chain technology to create the first government bond. Can you talk to us about the project? What opportunities do you think of the cooperation between the government and the financial sector in the use of block chains?n
nnQTC is willing to work with us to develop this chain-based bond distribution platform and become a driving force for this innovation. And we build the platform to help those who want to raise funds to the issuer only need to press the button through the drop-down menu design bond issuance, and create a smart contract through the block above the parameters to reflect the content. After the successful creation of the bond, the bond can be sold directly to the bond investor on the chain chain platform, and these investors can also pay directly to the shared block chain book. Allocation, pricing and settlement can also be done immediately through a single seamless transaction, transferring the payment and property rights in the same transaction to the bond. Then, the coupon on the bond is automatically paid by the smart contract until the bond expires.n
nnAustralian regulators seem to be taking a number of initiatives to develop Australia’s financial technology industry. And the budget also includes several financial and related announcements. What is the role that regulators play or that can play a role in the chain area?n
nnAustralian regulators are adapting and actively studying the block chain in order to better understand and fully consider the impact of this technology. Creating a chain-based chain of regulatory tools also has significant potential to provide regulators with greater transparency, timely and accurate market information and make them more effective. They are also aware of this potential and are willing to establish friendly relations with market counterparties to promote the development of block chains.n
nnIn your opinion, what is the biggest challenge for the development of block-chain applications and the need to bring them to market? Technical, regulatory or other challenges?n
nnThe biggest challenge we face today is to address technical issues related to expansion and reliability, as well as to agree on appropriate governance structures and to comply with existing laws, regulations and compliance frameworks.n

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