Technology

Swiss Banks Form Blockchain Group

Editorial Staff, 12 February 2021

articleimage

Distributed ledger technology known as blockchain - the platform most commonly associated with bitcoin - has many uses and banks have developed systems around it for custody and data transfer.

A group of major financial players including Pictet, Lombard Odier, Mirabaud and Edmond de Rothschild have formed the Blockchain Association for Finance, a group focused on how the sector uses and oversees distributed ledger technology. 

The group, structured as a non-profit body, is based in Zurich.

According to a description in an email from the association: “BAF's primary mission is to establish governance and management rules for the blockchain-based Wecan Comply platform, which aims to simplify the sharing of information between banks and external asset managers. At a later stage, the platform will also be used to simplify the sharing of information between all financial services providers, other financial intermediaries, auditors and supervisory authorities. The long-term viability and sustainability of the Wecan Comply platform is ensured by BAF.”

The association’s members are Banque Pictet & Cie SA, Banque Lombard Odier & Co SA, Edmond de Rothschild (Suisse) SA, Hyposwiss Private Bank Geneve SA, Gonet & Cie SA, Sygnum Bank, Reyl & Cie SA, Banque Cramer & Cie SA, Mirabaud & Cie SA, Banque Internationale à Luxembourg (Suisse) SA, Pleion SA, Capitalium Advisors SA, Bedrock SA, Fransad Gestion SA, OLZ AG, Stanhope Capital, Alliance of Swiss Wealth Managers.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes