Allfunds Blockchain enters Italy
Allfunds Blockchain, the arm of Allfunds (AMS: ALLFG) specializing in blockchain technology, launches FAST in Italy, a solution built on blockchain technology aimed at increasing the speed and efficiency of mutual fund transfers, which was already successfully launched in Spain.
FAST represents an absolute novelty for the Italian fund industry. The project has been modulated for the unique characteristics of the Italian market and the specific needs of local investors, gathered under a Business Lab – led by Allfunds Blockchain – which included the participation of 18 leading players in the Italian market, such as asset managers, intermediaries and distributors.
The participants discussed their experiences with end investors and how a solution such as FAST could contribute to solving critical problems that affect the value chain for investment fund transfers. The most critical common need and greatest pain point for end customers was to reduce the time it takes to transfer fund units from one intermediary to another significantly.
FAST will offer a common infrastructure for all parties involved and based on data sharing through blockchain technology that will greatly improve the end-investor experience. In particular, money transfer processes will be more efficient in terms of costs and execution time. In addition, it will make transactions more transparent, ensure real-time traceability and reduce significant operational errors.
Among the Business Lab participants whose collaboration has been crucial in setting up the FAST project were well-known names such as: Allfunds, Azimut, Banca Generali, Banca Mediolanum, Bnl – Bnp Paribas, BNP Paribas Asset Management, BNP Paribas Securities Services, BPER Banca , CheBanca! SpA, Fidelity International, Fideuram – ISPB, Franklin Templeton, M&G Investments, Morgan Stanley Investment Management, Pictet Asset Management, Schroders.
Rubén Nieto, CEO of Allfunds Blockchain said: “Blockchain technology is particularly relevant as a solution for complex information exchange processes due to the productivity benefits for both entities and end investors. Seeing leading names in the Italian fund industry collaborate on this Allfunds Blockchain initiative proof of the sector’s commitment to its own digital transformation, the comprehensive improvement of operations and the entire investment experience.We at Allfunds Blockchain are proud to be part of this effort and support the market in the preparations for the development of their services, which we expect will happen very soon on a global scale. ”
