Wealthtech provider FNZ has struck a deal with FinSwitch to provide a new blockchain-enabled administration utility for the South African fund management industry.
FinSwitch is a 'transaction switch' that links market participants in South Africa by providing a mechanism for data, such as trades, reconciliations and regulatory reporting, to flow between various product providers and investment managers.
Under the new deal, a cloud-based and blockchain-enabled application based on FNZ tech will, from later this year, enable trading, pricing, reconciliations, account opening, transfers, sharing of instrument data, and regulatory reporting for FinSwitch clients.
Nick Baikoff, MD, FinSwitch, says: "FNZ was selected after a comprehensive and competitive tender process. We look forward to working with them to implement this solution, that will deliver significant value for our clients in the form of reduced cost, complexity and risk."