According to a recent blog post published on 17th January, British blockchain technology group SETL had confirmed the appointment of Christian Noyer as a member of its board of directors. Noyer is the former governor of the French central bank.
SETL is a financial company which came into existence in 2015 which focuses on blockchain technology. The company has created a blockchain-based infrastructure, to process institutional payments and settlements, that has a capacity to execute around 1 billion or more transactions per day. The infrastructure will have no intermediary network and hence participants will be able to process the transactions directly.
Sir David Walker, SETL’s chairman, welcomed Noyer to the board and highlighting his professional experience in the post stated “I am delighted to welcome Mr. Noyer to the board and to thank our existing directors for their guidance and counsel over the past two years. Christian Noyer brings a wealth of experience in the financial, regulatory, economic management and central banking world. His contribution to the board process will be of significant benefit to the executive team, shareholders and stakeholders alike. With the encouragement of shareholders and the revenue generating projects we have recently announced we are adding significantly to the strength to the company. At this stage in the development of the technology and its business applications it is important to choose the right projects and to deliver a dependably resilient product to the market.”
Noyer’s past experiences include handling roles such as Vice President of the European Central Bank, Governor of the Banque de France between November 2003 and October 2015, services at the Treasury in the French Ministry of the Economy and Finance.
On his appointment, Christian Noyer said, “In the current environment, SETL’s technological leadership coupled with the deep experience of the team presents a unique and compelling proposition. I look forward to helping shape this extremely interesting initiative.”
SETL’s board of directors comprises of few of the big names in the professional field that include former non-executive member of the Court of the Bank of England – Sir David Walker, former Senior Information Risk Owner of the United Kingdom Foreign and Commonwealth Office – Martin Clements, and former Bank of England Deputy Governor – Rachel Lomax.
President and co-founder of SETL, Peter Randall, said that the Noyer’s central bank experience will help the board to count on his expertise as part of its desire to function in the financial services space. He added, “There are deeply experienced people on the board who have a stellar reputation in their fields and contribute to oversight and strategy, and the formation of ideas, It’s not a brass plate on the door.”
CEO of SETL, Philippe Morel, stated: “ The appointment of Christian Noyer as a director will assist SETL in many ways. We believe we have a technological lead in the blockchain for financial markets arena having demonstrated the ability to process billions of transactions a day, and to be able to service over 100 million addresses concurrently. We are unique in having both a financial grade product and a proven deployment route.”
Morel further added that “We do not underestimate the challenges of re-tooling some of the most fundamental elements of our financial infrastructure but the benefits of doing so are significant and widespread. We are strongly positioned to commence that transformation and look forward to making further announcements shortly.”