“As
one
of
the
world’s
largest
and
most
active
bond
issuers,
we
are
actively
driving
digitalisation
initiatives
in
the
issuing
and
settlement
process,”
Gaetano
Panno,
head
of
transaction
management
at
KfW,
said
in
a
statement.
“The
utilization
of
new
technologies
as
part
of
the
ECB
trials
enables
us
to
technically
process
a
‘delivery
vs.
payment’
transaction
and
thus
supports
our
digital
learning
journey.”
KfW’s
issuance
is
the
latest
example
of
traditional
financial
institutions
exploring
ways
to
put
traditional
financial
instruments
such
as
bonds,
credit
and
funds
on
blockchain
rails.
The
process,
also
known
as
tokenization
of
real-world
assets
(RWA),
promises
operational
benefits
such
as
faster
and
more
transparent
transaction
settlements,
lower
costs
and
greater
efficiency
and
transparency.