Asset management firm AcomeA SGR has announced the completion of the distribution of funds using blockchain technology.
The Italian company has used Fundsquare’s blockchain infrastructure called FundsDLT along with Fabrick for API and banking support.
Developed with the collaboration of three firms – Fundsquare, InTech, and KPMG Luxembourg – FundsDLT is aimed at the asset managers to sell funds through a blockchain-based distribution channel.
Insieme a @fundsquare e @FabrickPlatform abbiamo completato il primo test per la sottoscrizione di quote di fondi comuni tramite la tecnologia Blockchain…https://t.co/WTuYjuma24#blockchain #ArtificialIntelligence #funds #fondi #investing
— AcomeA SGR (@AcomeAsgr) March 18, 2019
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Commenting on the development, Giordano Martinelli, vice president and head of technology at AcomeA, said: “AcomeA SGR is proud to be among the pioneers in Italy in the use of blockchain for the asset management sector. The project is part of the series of activities that AcomeA has always carried out to simplify and make the world of asset management more accessible.”
“The importance of the test lies not only in the technical aspects; the collaboration with Fundsquare and Fabrik demonstrates the value of cooperation in the Fintech sector; working together we are able to bring notable benefits not only to operators in the asset management sector but above all also to savers.”
Blockchain to Transform Fund Distribution
The firm detailed that the transaction was carried out through its Gimme5 service, which is used for direct distribution of funds to savers, real-time subscription, and redemption transactions of shares of investment funds and related payments.
“The test concluded is a concrete example of the great value that can generate the union between knowledge of the processes and dynamics of the financial world, the skills on the most advanced technologies and the vision on new business and management models,” Giulio Rattone, Fabrick’s head of product dev platform, added. “A meeting point that represents the very essence of the ecosystem that Fabrick feeds around itself.”
Last month, the asset management arm of Credit Suisse carried out a full end-to-end fund transaction with Portuguese financial institution Banco Best using the blockchain infrastructure of FundsDLT.
“European fund actors continue to move towards the future with ongoing innovation in the D2C space. The FundsDLT initiative aims to help investment fund companies improve their buyer journeys, reduce costs, increase efficiency and ultimately create value for investors,” Olivier Portenseigne, managing director of Fundsquare, added.