“I was impressed by the visionary nature of their strategy and am delighted that we have the opportunity to support them in its execution,” explains Philippe Reynier, CEO of Wecan Group.
The ABS group now uses the Wecan Comply platform to secure the storage, collection and sharing of compliance data from independent asset managers clients of the ABS bank as part of onboarding, monitoring and annual review. It will also allow ABS to more effectively onboard counterparties in the crypto ecosystem.
This collaboration will make it possible to optimize compliance processes and facilitate relationships with financial intermediaries, which make Wecan successful. But it also opens up promising prospects for going beyond the traditional boundaries of banking management.
Rani Jabban, Managing Director of Arab Bank Switzerland, commented: “Wecan’s expertise in blockchain technology and digital solutions will optimize and simplify Arab Bank Switzerland’s onboarding processes for our new clients and partners.”
Philippe Reynier, CEO of Wecan Group, added: “The onboarding of Arab Bank Switzerland on Wecan Comply is excellent news, and confirms not only the relevance of our platform for the world of traditional financial services, but also for players innovative companies that are developing in crypto while maintaining the highest standards of compliance. Since the beginning of discussions with Arab Bank Switzerland, I have been impressed by the visionary nature of their strategy and am delighted that we have the opportunity to support them in its execution.”
Arab Bank Switzerland also joins the Blockchain Association for Finance
Arab Bank Switzerland has also announced that it is joining the Blockchain Association for Finance (BAF), already made up of a dozen Swiss private banks, including Pictet, Julius Baer, Lombard Odier and Edmond de Rothschild, as well as around a hundred managers. of independent fortunes.
One of the BAF’s missions is to establish the market standards on which Wecan Group relies in order to facilitate secure data transfers between banks and financial intermediaries built on a distributed infrastructure and a blockchain ledger.
This network aims to enable secure, instant and almost free global data transactions that are auditable and immutable. It supports any data format, forms or documents and helps secure data storage, query and sharing.
Arab Bank Switzerland, pioneer in digital assets
The Swiss private bank Arab Bank Switzerland has always been at the forefront of solutions in digital assets, offering solutions for the custody and trading of several key assets from 2019. These solutions have continued to expand, until to the launch of an offer on NFTs (non-fungible tokens) in 2022, in parallel with the announcement of the launch of an onchain digital art collection and the world’s first prize dedicated to digital art. This approach enriches its portfolio of services but also allows the institution to assert its leading position among private banks which embrace new technologies.
Wecan Group, pioneer in data tokenization
Wecan Group has co-created with leaders in wealth management a secure and standardized tokenization and data exchange protocol which offers optimization of compliance processes for onboarding, periodic reviews and audits. Adopted by more than 100 financial institutions which manage more than 1,000 billion in assets, these solutions facilitate the entry into commercial relationships, Know Your Business (KYB), Know Your Customer (KYC) and accelerate the collection and processing of compliance data.
