First Italian Securitization with Blockchain-Native ABS Launched
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Sorec, a specialist operator in the acquisition and recovery of distressed financial, banking, and insurance credit portfolios, today announces Italy’s first Non-Performing Loan (NPL) securitization transaction featuring the issuance of native digital Asset-Backed Securities (ABS) on the blockchain.
The initiative, promoted, conceived, and structured by RE Chain Srl—which acted as transaction coordinator overseeing its development and implementation, features Sorec as Special Servicer, supported by 130 Servicing as Master Servicer and calculation agent for the vehicle, Weltix as manager of the DLT register for Digital Circulation (authorized and supervised by Consob); BlockInvest as the platform and technological infrastructure provider powering the entire operation; and Simmons & Simmons as legal advisor to the transaction.
The transaction introduces a fully digital operating model that improves the overall efficiency of the entire securitization lifecycle. Benefits include a reduction in costs, intermediaries involved, and time required for issuance and settlement. This yields greater transparency and traceability, giving investors and stakeholders direct and continuous access to information regarding portfolio performance, cash flows, and note status. It also enables enhanced risk control and management—a particularly critical aspect for NPL and UTP portfolios, where information quality is key.
The transaction involved establishing a dedicated compartment within the Dolomiti SPV securitization vehicle, issuing a single class of asset-backed notes up to a maximum amount of €23 million. These notes are natively registered and managed on a public blockchain, marking a significant innovation in the Italian NPL market. The underlying portfolio consists of 134,167 non performing loans with a total Gross Book Value (GBV) of €965,581,897.80.
This transaction represents a significant evolution in the NPL securitization market thanks to the native integration of blockchain technology. It not only streamlines the entire process, but also expands the reachable investor base through note fractionalization and improved liquidity, while guaranteeing greater transparency, security, and a more effective management of compliance processes. Innovation is a core element of our strategic approach, and this initiative confirms it, allowing us to further consolidate our positioning in the Italian NPL market.
Massimiliano Ingrosso, Founder and CEO of Sorec
Sorec relied on the contributions of a multidisciplinary internal team. Specifically, Claudia Lo Curto, attorney and Head of Legal & Compliance at Sorec, who handled the legal structuring of the compartment and the definition of the transaction's contractual framework, and Stefano Platini, NPL Strategy, responsible for defining and overseeing portfolio management strategies, contributing to pricing definition, business plan development, and financial structuring throughout the investment lifecycle.
We are proud to mark a first for the Italian securitization market by providing a unique expertise: the ability to govern technological evolution while guaranteeing the highest standards of compliance and reliability. This first issuance of blockchain-native ABS demonstrates how technological innovation and full compliance with Law 130/99 can integrate, opening new perspectives for the securitization market and creating a new competitive advantage for all our clients and investors.
Raffaele Faragò, CEO of 130 Servicing
At Weltix, our goal is to provide the financial system with a regulated infrastructure capable of supporting all industry players in the evolution of private asset management models. The collaboration with Centotrenta Servicing S.p.A. represents another concrete step in this direction and demonstrates how the adoption of DLT technologies can generate tangible value for issuers, intermediaries, and investors within a fully compliant regulatory framework.
Antonio Chiarello, Founder and CEO of Weltix
With this transaction, BlockInvest confirms its position as the reference technological infrastructure for issuing digital financial instruments in Italy. Following bonds, minibonds, fund units, and equity, the securitization of NPL receivables proves that our technology is capable of managing even the most complex structures. We are particularly proud to support an ambitious and innovative operator like SOREC in a transaction that paves a new way for the market.
Lorenzo Rigatti, Founder & CEO of BlockInvest
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