FNZ, a global platform-as-a-service provider, recently announced it has signed a deal with FinSwitch to provide a new blockchain-enabled administration utility for the South African fund management industry.
According to FNZ, the partnership will enable trading, pricing, reconciliations, account opening, transfers, sharing of instrument data, regulatory reporting, and more for FinSwitch clients. This will all be delivered through a cloud-based and blockchain-enabled application based on FNZ’s existing and proven ChainClear ecosystem.
“FNZ launched ChainClear – the world’s first production blockchain ecosystem for the investment industry – in 2019. The solution leverages blockchain technology to replace the thousands of copies of transaction and holdings that plague the managed funds industry, with a single, secure, verifiable source of ‘the truth’, universally accessible by all parties.”
While sharing more details about the collaboration, Hugh Evans, FNZ Managing Director of South Africa, stated:
“Our mission as a business is to help people achieve their financial goals by reducing the costs associated with investment. FinSwitch’s breadth and deep client relationships make it the ideal partner for FNZ as we expand and develop our offering to the South African investment industry and lower the barriers for retail investors in a maturing market.”
FNZ added that the features will become available for use by FinSwitch clients later in 2020 and will provide additional functionality, resilience, and performance to what is already a highly functional and reliable solution for fund administration in the Southern Africa region.