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In a LinkedIn post Tuesday, BMO’s North American head of payments and treasury Derek Vernon said Imran Ibrahim, CIBC’s head of fintech and cross-border payments, will join his leadership team in the newly created position. (The Logic)
Talking point: Canadian banks have long studied crypto behind the scenes, but this announcement is a sign they’re ready to be more public about their work. “Head of digital assets” roles are increasingly common at major U.S. and European financial institutions, such as BlackRock, Deutsche Bank and Apollo Global Management. The hire follows BMO’s March announcement that it will use Google Cloud Universal Ledger, a private blockchain for the financial sector, to issue tokenized versions of cash and bank deposits that will let clients settle trades, margin calls and collateral 24 hours a day. Also in March, TD and RBC managed a blockchain bond-trading experiment.
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