PAYMENTS
KEY FACTS & FIGURES
£ 1.3bn($ 1.73bn) – Total value of mortgage debt tokenised on blockchain by MQube
First in Europe – European mortgage lender to move residential assets onto EVM-compatible chain
One Day Mortgage – MQube’ s MPowered division processes mortgage applications within 24 hours
Cost savings potential – Tokenisation could save thousands of pounds per remortgage transaction currently
Smart contracts – Ethereum Virtual Machine enables automatic execution when predetermined conditions are met
Legacy system challenge – Industry constrained by batch-based platforms and fragmented data flows
Post-2008 evolution – Securitisation now operates under enhanced regulatory oversight since financial crisis
Capital efficiency – Securitisation frees up lender capital, potentially reducing consumer borrowing costs
Technology infrastructure The tokenisation took place on an Ethereum Virtual Machine compatible chain, which allows smart contracts to execute automatically when predetermined conditions are met.
This infrastructure has been used in various financial services applications, though mortgage debt represents a new asset class for the technology in European markets. MQube says the development reflects its approach to mortgage lending, which includes processing mortgage applications within one day.
The firm says it aims to use distributed ledger technology across banking operations beyond the current mortgage debt tokenisation.
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