Major Swiss financial institutions turn to blockchain for compliance
The Blockchain Association for Finance, a non-profit governance association, was inaugurated by a consortium of financial actors in Switzerland. The objective of this association is to “bring together financial actors to improve compliance and administrative exchanges thanks to [blockchain] technology”.
The technology titled WeCan Comply is developed by WeCan, a Geneva-based technology firm that specializes in blockchain. It is a secure, decentralized and transparent way for financial institutions to share compliance data. Founded in 2015, WeCan has been in discussions with Swiss financial institutions such as Edmon De Rothschild, Pictet and Lombard Odier since 2019.
According to Anthony Lamy, WeCan’s Chief Revenue Officer, the catalyst for their partnership with these financial institutions has been the topic of compliance. As financial regulations become more and more strict, the administrative charge of compliance has been rising over the past decade. While the digitalization of compliance data seemed obvious, security and governance related issues have been a major concern for financial institutions.
Thanks to the decentralized and highly secure aspects of blockchain technology, these issues have been overcome. Interestingly enough, the same aspects that characterize…
