Private bank Julius Baer is to use a blockchain-based compliance platform with the aim of attracting independent asset managers as clients.
Zurich-based bank Julius Baer is joining Wecan Comply, the world’s first blockchain-based compliance platform for private banks and external asset managers.
The two companies said in a joint press release Monday that the aim of the move was to help the bank create added value for independent asset managers.
Digital Vault
Wecan Comply was created by Switzerland-based Wecan Group and is built like a digital vault. The platform runs on a simple web browser and only requires access to the Internet.
The press release said the platform’s function was to prevent compliance and administrative work from overwhelming the day-to-day activities of asset managers and to ensure that specific tasks were carried out correctly and reliably while complying with new regulations.
The compliance requirements for the sector will grow with the planned move to put all Swiss independent asset managers under the supervision of national watchdog Finma from 2022.
Wecan said that as a result measures would have to be put in place to avoid the increasingly time-consuming duplication of some tasks.
Geneva-based Banks On Board
Wecan Comply has already won over many private banks in French-speaking Switzerland including Geneva-based Pictet, Lombard Odier, UBP, Mirabaud, Edmond de Rothschild, Syz and Reyl.
Major independent asset managers such as Swisspartners, Bedrock and Stanhope Capital are also using the platform.
