Instimatch Global (‘Instimatch’), the international digital marketplace for institutional money market borrowing and lending, is partnering with Swiss Fintech FQX to augment its core offering by introducing eNotesTM, disruptive short-term financing, and payment tool.
Instimatch currently offers trading of unsecured cash deposits within a large network of banks, corporates, asset managers, insurance companies, public sector counterparties, and others. Leveraging FQX’s technology will enable Instimatch to offer the use of eNotesTM, a form of electronic promissory notes verified and secured by Swisscom and SwissPost on the banking-grade blockchain, Swiss Trust Chain. An eNoteTM is an unconditional promise to pay a specific sum to another party at a specific future date or at a specified time after sight. The eNotesTM can be flexibly sold and transferred to third parties (i.e., an investor).
Hugh Macmillen, Founder of Instimatch Global, said “Our partnership with FQX enables us to empower banks to digitize their certificate of deposit programs using FQX’s eNotesTM, a revolutionary money market solution. Institutional Investors trading these electronic certificates of deposit (eCDs) would experience fully digitized deposit transactions, digitally signed and immutably stored on the Swisscom Blockchain infrastructure. The enforcement regime applicable to eNotesTM is recognized in over 165 countries”.
Stephan D. Meyer Co-CEO of FQX said “The partnership between Instimatch Global and FQX forms the perfect synergy by combining Instimatch Global’s client network and superb digital-only user experience with the strengths of the blockchain-based, easily enforceable, and tradeable eNoteTM. This significantly improves the way money market transactions are done”.
FQX is the first market-ready solution for eNotesTM built on a banking-grade Blockchain (Swiss Trust Chain) with a unique, patent-pending authentication mechanism (based on regulated and qualified electronic signatures provided by Swisscom). When compared to other financing options, eNotesTM as negotiable instruments outperform through their financial steering capabilities and transferability. eNotesTM is based on the globally proven, formerly paper-based “promissory notes”.
About Instimatch Global
Instimatch Global is an award-winning digital Platform for trading cash deposits across multiple geographies, sectors, and currencies, offering unparalleled market depth.
The digital network enables a global community of institutional borrowers and lenders, including banks, corporations, pension funds, asset managers, family offices, insurance companies, municipalities, etc., to directly engage with each other and execute on their liquidity needs – all within our convenient and easy to use Platform. Besides trading, users can also leverage the network to make valuable trading connections, diversifying their lending portfolios and sources of liquidity.
Instimatch operates out of Zurich, Edinburgh, and Doha, and currently has over 170 institutional clients across 22 jurisdictions.
Zurich, Switzerland – June 23rd, 2021