2.5 Who underwrites the SPV?
Old Mutual and the National Stokvel Association of South Africa
Last updated
Old Mutual and the National Stokvel Association of South Africa
Last updated
The SPV is underwritten by Old Mutual and NASASA: prominent financial institutions within BRICS; highly experienced and ensuring robust collateral and risk management oversight.
Old Mutual:
is an , publicly listed financial institution with over 180 years of operational history. It's a multi-line insurer and bank (previously the parent company of ) with a presence across 14 countries in Africa and Asia, including China.
Key Facts:
Market Cap: $4 billion
Stock Listings: Johannesburg and London Stock Exchanges
Membership: International Swaps and Derivatives Association ()
Credit Ratings: Independently assessed by Moody’s, Fitch, and S&P Global for over 20 years.
2024 Financial Statements:
NASASA and Sovereign Support
is a South African cooperative fund and community bank, known for its group-savings ("stokvel") account.
Sovereign Facility: Extended by the South African govenrment with a $500 million limit. This is confirmed by the .
Underwriting Mechanics
Bankruptcy Remote SPV: The underwriting facility is provided via a bankruptcy-remote vehicle, the ensuring maximum security for investors.
Loss Coverage:
A is held separately by the Group as a mark-to-market reserve to cover unexpected losses.
This ensures real-time adjustment for volatility and risk exposure.
By leveraging Old Mutual’s underwriting competence and NASASA’s sovereign backing as a cooperative bank, the SPV delivers compliant financial security to both retail and institutional token-holders at scale.