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SETL, French asset management firms launch blockchain-based fund record-keeping platform

Blockchain startup SETL, along with four asset management firms, has announced the launch of a blockchain-based pan-European fund record-keeping platform.

Dubbed “IZNES”, the platform provides investors, asset management firms, distributors, and wealth management advisers with easy and rapid access to fund units. It will enable firms to enter into new relationships with investors, manage KYC processes, handle subscription/redemption instructions, and settle transactions and record positions.

According to the official release, the initial version was delivered by SETL in July 2017 and validated by OFI AM, Groupama AM, La Financière de l’Échiquier, and Arkéa Investment Services.

“IZNES is the result of the alignment between the strong demand from asset management firms to establish a simple, effective relationship with their investors and the cutting-edge technology developed by SETL,” Pierre Davoust, CEO of SETL France, said. “IZNES is a project that will revolutionise the fund industry in Europe and bring substantial benefits to asset management firms as well as investors and their intermediaries. I look forward to working with our partners to build this next-generation platform and invite all interested parties to join us at".

IZNES relies on proprietary technology developed by SETL and is compatible with all distribution channels. It reduces transaction costs, increases transparency, and optimises operational workflow. In addition, it will also enable new value-added services to be developed.

“OFI Asset Management wanted to be actively involved in this market project, which offers asset management firms new distribution solutions in the interest of investors thanks to blockchain technology,” Jean-Pierre Grimaud, CEO of OFI AM.

The project partners are now working with other interested parties to develop an enriched version of the platform. They plan to go into production in early 2018.

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Jeudi 21 Septembre 2017