London-based Blockchain regtech company Coinfirm has signed a strategic partnership with SEI (NASDAQ:SEIC), which manages, advises and administers $809 billion in hedge, private equity and mutual funds, and pooled and separately managed assets.
Learn how to buy Bitcoin and Ethereum safely with our simple guide!
The companies say that their initiative is aimed at providing a solution that will significantly reshape the UK’s asset transfer market, and create a new digital industry standard.
Brett Williams, Managing Director, SEI Wealth Platform, UK Private Banking, said: “While there is a lot of talk across the industry about blockchain’s potential, this new initiative is a tangible example of how its power can be used to provide practical innovation to the industry. This solution could potentially transform the asset transfer market in the U.K -- significantly improving efficiency, service, and control, while simultaneously reducing costs and risk.”
“The asset transfer market is widely regarded as one of the most expensive and error-prone parts of the asset management value chain, with much of it still involving a great deal of manual procedures. The work we are doing with Coinfirm will help redefine asset transfers processing, with a view to setting a new standard by which all U.K. wealth and asset managers can evaluate their own systems and processes.”
Pawel Kuskowski, co-founder and CEO, Coinfirm, added: “What Coinfirm and SEI are doing together through our blockchain solution is not only a legitimate, living example of how this technology is helping solve core problems, but also setting a new standard for the industry as a whole. SEI has really placed itself at the forefront with this initiative, and we are happy to add a company of this calibre to the growing list of financial players with which we work.”
SEI and Coinfirm intend to embark on a pilot programme with one of SEI’s existing UK clients before rolling out the offering to other clients and the wider market in 2018.
