Today Wecan Comply announced that private bank Julius Baer joined its blockchain platform. Switzerland has numerous independent asset managers with assets in custody at private banks. It is the compliance documentation for onboarding asset managers with private custodian banks that is automated by the solution, as well as annual reviews.
The platform enables asset managers to submit the same onboarding documents to multiple custodian banks and the same for changes.
“As a private bank with a strong entrepreneurial spirit, we are committed to empowering the success of our clients and partners through innovative solutions,” said Michel Yigit, Head Intermediaries German-speaking Switzerland, Julius Baer.
“We can unequivocally identify with the vision of Wecan Comply and are excited to join the growing community to create value for our intermediary partners in Switzerland, facilitating efficiency gains via pioneering co-creation.”
While Julius Baer may be the largest to join the Wecan platform, it is by no means the first bank to adopt the solution. Other Swiss banks include Lombard Odier, Pictet and Edmond de Rothschild.
In February, an independent non-profit was created for governance to enable users to set standards. The enterprise blockchain technology that underpins the solution is Hyperledger Fabric.
Meanwhile, Julius Baer has a strong track record in the blockchain sector. In the last nine months, a steady procession of banks has embraced digital assets. However, Julius Baer was well ahead of its peers. It invested in Swiss digital asset bank SEBA back in 2018, announced plans to launch a digital asset offering in 2019, and unveiled its crypto services at the start of 2020.