BBVA Invests in AI, Experiments With Blockchain

BBVA and Indra have completed the first global corporate loan transaction using blockchain technology. The pilot enabled the closing of a €75m loan, allowed both Indra and BBVA to independently consult the status of the transaction at every stage, and digitized the negotiation process.

“BBVA’s digital transformation continues to gather pace and reach into new areas, and this is a prime example of where disruptive technology can add real value to business processes. The use of blockchain in this transaction has greatly increased transparency and speed, while equally improving efficiency – it’s a win win for both us and Indra” – BBVA’s Global Head of Customer Solutions, Derek White (also the one with the ultimate-slash-creative title on LinkedIn).

One more thing. Last month the company announced a $50m investment into Sinovation Fund IV, a Chinese VC fund with a special focus on AI. “By investing into the Sinovation Fund IV, we are ensuring we can learn from and build connections with some of the most promising AI solutions being built anywhere on the planet. Just as importantly, we can do it via a high – performing investment platform with a strong return profile” – BBVA CEO, Carlos Torres Vila.