Nicomatic Group, a leader in harsh environment connectors, is proud to announce that four of its subsidiaries, respectively located in Dubai, France, Singapore and Switzerland, have successfully operated cross-border payments using the Ethereum public blockchain and the Euro CoinVertible (EURCV) stablecoin issued by Société Générale-FORGE. The payments served to settle invoices corresponding to both service provisions and purchases of physical products.
The pilot around inter-subsidiary payments is part of a broader initiative of Nicomatic Group to explore the potential of blockchain technologies in finance and beyond. In this framework, the Group now aims at expanding the tests to payments involving clients and suppliers, as well as experimenting with decentralized finance (DeFi) protocols. Besides, Nicomatic Explorer, the innovation hub of Nicomatic Group, is developing blockchain-based applications for enhanced transparency and analysis of industrial supply chains.
Julien Nicollin, CEO of Nicomatic Group, states: "Public blockchains offer remarkable opportunities for international payments, in order to reduce costs and processing times. Nicomatic Group has always been at the forefront of technology and this initiative proves that our approach to innovation is not limited to our core business, but rather touches all functions of the company, including finance”.
Olivier Commelin, CFO of Nicomatic Group, adds : “Before its launch, the pilot project has required an extensive training program by our in-house experts, to ensure that the accounting managers of the four subsidiaries are capable of autonomously managing all necessary tools. We are eager to pursue the tests to evaluate more precisely the added value of blockchain infrastructures for financial operations”.
Jean-Marc Stenger, CEO of Société Générale-FORGE, comments : “The use of Societe Generale FORGE’s stablecoin (EURCV) by Nicomatic Group demonstrates the increasing adoption of stablecoins as an efficient means of cross-border payments by innovation-driven corporates.”.
About Société Générale-FORGE : Société Générale-FORGE, a fully integrated and regulated subsidiary of Societe Generale Group, is licensed as an investment firm and authorized to provide MiFID 2 investment services under the supervision of the ‘Autorité de Contrôle Prudentiel et de Résolution’ (ACPR) and under the control of the AMF and is registered and licensed as a DASP (PSAN) by the AMF. Societe Generale-FORGE has built an open, secure and institutional-grade platform for digital assets operations, underpinned by full banking level safety and regulatory compliance. The solutions and digital assets developed by SG-FORGE comply with the CAST open-source interoperability and securitization framework. For more information, visit www.sgforge.com and www.cast-framework.com.