SETL

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SETL Ltd.
Setl.jpg
Founded 2015
Headquarters London, England, U.K.
Key People Sir David Walker, chairman; Peter Randall, president; Philippe Morel, CEO; Pierre Davoust, CEO (France)
Employees 5-10
Products SETL blockchain-based data storage system
Twitter @setl_io
LinkedIn Profile
Facebook SETL-421306434724883
Website setl.io

SETL is a British fintech company that provides blockchain technology to the financial services industry. The original company, SETL Development Ltd., filed for insolvency in March 2019. A new company, SETL Ltd., was created after that, and is the current incarnation of the company.[1]

Overview

SETL is a project that seeks to improve the process of settlement by using blockchain technology to make back-office processes more efficient. Unlike many existing blockchains, its core technology does not use digital tokens or cryptocurrency, and is specifically designed to remove the user anonymity of most existing blockchains.

SETL's blockchain is designed to be interoperable with existing data systems in the financial services industry; according to the company's website, it is designed to have the ability to communicate with commonly-used software applications for digital trading like ISO (MX) and SWIFT (MT), as well as with other industry standard tools such as workflow engines.

SETL's partners include Citi Bank and Deloitte.[2]

In January of 2019, former French central bank chief Christian Noyer was hired to SETL's executive board. Two months later, a corporate insolvency notice was filed in the London Gazette. The company hired a company called Quantuma LLP as an administrator to help SETL "move forward with the next phase of its corporate development plan," and "help shape the future structure, enable the company to balance its strategic infrastructure holdings and continue its software development activities on a business-as-usual basis.[3]

Background

SETL Development was founded in 2015 by Peter Randall, the former CEO of the European stock exchange Chi-X, as well as Anthony Culligan, former CEO of the bitcoin peer-to-peer trading site Roolo.[4][5]

In February 2018, the company opened an office in Paris, France. The move was reportedly to expand the range of SETL's services from the U.K. to the French market and other regions in Europe. Pierre Davoust, former deputy head of the financial markets unit at the French treasury, was named CEO of the company's French business.[6] In October, SETL received a license from the primary securities regulator in France, Autorité des Marchés Financiers. The license granted SETL permission to operate a central securities depository in France, allowing them to access the Target2-Securities software platform, a European Central Bank project that is seeking to increase the speed of cross-border payments.[7][8]

Corporate Restructure

In May 2019, the staff of SETL Development Ltd. formed a new company, SETL Ltd. SETL's chairman Sir David Walker announced on May 3 that the company had restructured its balance sheet and simplified its business model. The company also appointed Philip Bond, a Machester University professor who previously headed SETL Development's cryptography and cybersecurity committee, to its board.[9]

References