London-based blockchain regtech company Coinfirm has signed a strategic partnership with SEI (NASDAQ:SEIC), which manages, advises and administers $809 billion in hedge, private equity and mutual funds, and pooled and separately managed assets.
The companies say that their initiative is aimed at providing a solution that will significantly reshape the UK’s asset transfer market, and create a new digital industry standard.
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Brett Williams, Managing Director, SEI Wealth Platform, UK Private Banking, said: “While there is a lot of talk across the industry about blockchain’s potential, this new initiative is a tangible example of how its power can be used to provide practical innovation to the industry. This solution could potentially transform the asset transfer market in the U.K — significantly improving efficiency, service, and control, while simultaneously reducing costs and risk.”
“The asset transfer market is widely regarded as one of the most expensive and error-prone parts of the asset management value chain, with much of it still involving a great deal of manual procedures. The work we are doing with Coinfirm will help redefine asset transfers processing, with a view to setting a new standard by which all U.K. wealth and asset managers can evaluate their own systems and processes.”
Pawel Kuskowski, co-founder and CEO, Coinfirm, added: “What Coinfirm and SEI are doing together through our blockchain solution is not only a legitimate, living example of how this technology is helping solve core problems, but also setting a new standard for the industry as a whole. SEI has really placed itself at the forefront with this initiative, and we are happy to add a company of this calibre to the growing list of financial players with which we work.”
SEI and Coinfirm intend to embark on a pilot programme with one of SEI’s existing UK clients before rolling out the offering to other clients and the wider market in 2018.