LONDON - Standard Chartered (OTC:SCBFF) has embarked on a partnership with FundsDLT to revolutionize transfer agency services through the use of distributed ledger technology (DLT) and cloud computing in the Middle East and North Africa. This strategic alliance is poised to enhance client servicing within the asset management sector by streamlining operations and expediting processes.
The collaboration, announced today, leverages a cloud-based Software as a Service (SaaS) platform developed by FundsDLT. It promises to overhaul traditional transfer agency services, which have been historically bogged down by manual-intensive tasks, particularly in retail fund distribution. By adopting this new technology, the partnership aims to tackle these challenges head-on, improving service delivery across Asia, Africa, and the Middle East with an initial focus on the Middle East and North Africa region.
Olivier Portenseigne, CEO of FundsDLT, and Ying Ying Tan from Standard Chartered have both emphasized the potential for operational cost savings and increased efficiencies that this initiative may bring. The DLT-based front-to-back solution is not just about innovation; it represents a pragmatic approach to address long-standing inefficiencies in the asset management industry.
FundsDLT's technology is expected to equip asset managers with advanced digital capabilities, enhancing transparency and enabling better efficiency. The initiative underscores a shared commitment between Standard Chartered and FundsDLT to drive digital innovation in the fund industry.
The significance of this partnership is further underscored by FundsDLT's backing; the company was founded by the Luxembourg Stock Exchange and is currently pending acquisition by Deutsche Börse Group, subject to regulatory approval. This move signals a strong vote of confidence in FundsDLT's technology and its potential impact on the financial services industry.
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