Swiss wealth management group Julius Baer has formed a partnership with Wecan Comply, a blockchain-based compliance platform for private banks and external asset managers.

Wecan Comply’s solution helps prevent compliance and administrative work from overwhelming the day-to-day activities of asset managers, and to ensure that specific tasks are carried out correctly and reliably, while complying with new regulations.

With the entry into force of the FinIA and FinSA laws on January 1, 2020, external asset managers and trustees are no longer supervised by banks, but also by supervisory bodies.

The procedures for identifying, controlling and monitoring client relationships are becoming increasingly complex. Measures must be put in place to avoid the increasingly time-consuming duplication of the same tasks.

Michel Yigit, Sub-Region Head Intermediaries German-Speaking Switzerland at Julius Baer said,

“As a private bank with a strong entrepreneurial spirit, we are committed to empowering the success of our clients and partners through innovative solutions.

 

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.”

Vincent Pignon, Founder and CEO of Wecan Group said,

“The collaboration with Bank Julius Baer is a demonstration that Wecan Comply is the gold standard, for the industry, to pool resources and guarantee the best compliance requirements.

 

It is a great pride for Wecan Group and we are pleased that the bank also joins the Board of the Blockchain Association for Finance, which governs the development of Wecan Comply.”