Recently, Deloitte and Irish Funds Industry Association are working together to come up with a project; to test the regulation of reports in Blockchai
Recently, Deloitte and Irish Funds Industry Association are working together to come up with a project; to test the regulation of reports in Blockchain; which is being developed in Deloitte’s laboratory for Blockchain in Dublin. This project intends to include the State Street, Northern Trust and Metzler. The association – Irish Funds, stands in place of all those who work for the international fund services industry; from fund managers, administrators, professional advisory firms, custodian banks to transfer agents. It was until Irish Funds revealed that it was working with Deloitte to develop a block-chain – the proof of concept, that it was clearly known that they are both working for the success of the project.
The focus of the project is mostly on how the reports returned in the investment and money market funds are regulated. Apart from the fund management institutions such as State Street, Northern Trust and Metzler which are included in the project, several global asset servicing participants are also included.
The project’s key obligation in 2017; as stated by the CEO of Irish Funds, Pat Lardner, is regulatory reporting for its members, with the main area of focus being the Ireland’s Central Bank. The aim of the project in developing the proof-of-concept, is to benefit the finance industry and its main regulator – the Central Bank. In addition, it will also demonstrate that Ireland is actually embracing FinTech.
The Financial Services head at Deloitte; David Dalton, shows his delight by saying that cost reduction and improvement in efficiency will be experienced as a result of embracing Blockchain technology; which is important in the business sector.
The same appreciation also comes from Keith Fingleton, who is the Chairman of Irish Blockchain Expert Group, and the IDA of Ireland. He believes that Blockchain will bring a paradigm shift in the funds industry, as well as prepare the members to overcome the challenges from both the technical and regulatory sides.