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FinSwitch selects FNZ to provide blockchain technology to South African investment industry

FinTech firm FNZ, the global platform-as-a-service provider, has announced that the firm has signed a deal with South African FinSwitch, a “transaction switch” linking participant in the investment industry to provide a new blockchain-enabled administration utility for the South African fund management industry.

FinSwitch links the Product Providers and Collective Investment Scheme Managers (ManCos). It links market participants by providing a mechanism for data, such as reconciliations, trades, and regulatory reporting, to flow between various product providers and investment managers.

The partnership will enable trading, reconciliations, account opening, pricing, transfers, sharing of instrument data, regulatory reporting, and more for FinSwitch clients. FinSwitch has over 140 existing customers, including all major fund providers and distributors in South Africa. These facilities will be delivered via a leading-edge, cloud-based and blockchain-enabled application based on FNZ’s existing and proven ChainClear ecosystem.

“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,” said Nick Baikoff, FinSwitch Managing Director.

FNZ’s ChainClear, a production blockchain ecosystem for the investment industry is expected to be available for use by FinSwitch clients later in 2020. The solution leverages blockchain technology to replace copies of transaction and holdings that fills the managed funds industry, with a secured, verifiable source of ‘the truth’, which is universally accessible by all parties. The solution minimises cost, complexity and risk in back-office operations.

The solution is expected to provide additional functionality, resilience and performance to FinSwitch’s functional and reliable solution for fund administration in the Southern Africa region.

“We are delighted that FinSwitch has chosen us to provide its blockchain technology solutions. 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.” said Hugh Evans, FNZ Managing Director, South Africa.

Established since 2003, FNZ transforms the way financial institutions serve their wealth management customers. The FinTech partners with major financial institutions to enable them to provide multi channel wealth management services to their clients across direct, intermediated and workplace channels.

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