Standard Chartered, an international banking group, has initiated a partnership with Luxembourg-based FundsDLT to improve its transfer agency services, marking a significant step in digital transformation within the financial sector. The collaboration, announced by FundsDLT on Tuesday 14 November, focuses on implementing FundsDLT’s software, which is both cloud and blockchain-based, for transfer agency activities. This technological integration is initially set to roll out in the Middle East and North Africa, aiming to augment Standard Chartered’s services for investment funds and asset managers.
FundsDLT, known for its application of blockchain technology in the fund industry, offers a solution designed to streamline and enhance front-to-back operations. The adoption of distributed ledger technology by Standard Chartered is expected to facilitate stronger connections between players in the financial ecosystem, boost transparency and improve the distribution and operational aspects of funds, stated FundsDLT.
The primary goal of this integration is to tackle traditionally manual-intensive transfer agency processes and to address growth challenges faced in retail fund distribution. Standard Chartered, by leveraging the regulated and secure features of FundsDLT’s software, aims to provide asset managers with advanced digital capabilities, thereby enabling them to serve their clients more efficiently and innovatively.
“This collaboration with Standard Chartered underscores a mutual commitment to driving digital innovation in the fund industry and is a pragmatic approach to streamline operations and enhance service delivery,” said Olivier Portenseigne, CEO of FundsDLT, in a press release. “We are confident that this integration will offer a more efficient and comprehensive solution for asset managers.”
Founded in 2016 by the Luxembourg Stock Exchange, FundsDLT was recently acquired by Deutsche Börse Group, pending regulatory approval.