SEB and Nasdaq pair up on blockchain prototype for Swedish mutual funds
27 September 2017 Stockholm
Image: Shutterstock
SEB and Nasdaq have joined forces to test and further develop a prototype mutual fund trading platform based on blockchain technology, for the Swedish market.
The project seeks to improve efficiency in the sales of funds, and to create “a faster, simpler, more effective and reliable fund market”, replacing manual routines and paper-driven processes, according to Göran Fors, acting head of Investor Services at SEB.
It is intended to address the lack of a uniform market infrastructure for Sweden’s fund market, which means administration of fund sales are handled through several intermediaries.
The prototype, which will be based on blockchain ledger chain.com, will allow fund companies and distributors to subscribe to a private blockchain and register transactions in real time.
Nasdaq and SEB will continue to develop the technology and have opened a channel for collaboration with other interested parties.
Magnus Haglind, head of product management of market technology at Nasdaq, said: ”By leveraging blockchain technology there is strong potential for improvement via digitalisation that can reduce manual work, create a faster process and reduce the risk for errors.”
Haglind added: “This development will look to benefit the fund market and, in the end, also the individual investors through faster response from purchases and sales.”
The project seeks to improve efficiency in the sales of funds, and to create “a faster, simpler, more effective and reliable fund market”, replacing manual routines and paper-driven processes, according to Göran Fors, acting head of Investor Services at SEB.
It is intended to address the lack of a uniform market infrastructure for Sweden’s fund market, which means administration of fund sales are handled through several intermediaries.
The prototype, which will be based on blockchain ledger chain.com, will allow fund companies and distributors to subscribe to a private blockchain and register transactions in real time.
Nasdaq and SEB will continue to develop the technology and have opened a channel for collaboration with other interested parties.
Magnus Haglind, head of product management of market technology at Nasdaq, said: ”By leveraging blockchain technology there is strong potential for improvement via digitalisation that can reduce manual work, create a faster process and reduce the risk for errors.”
Haglind added: “This development will look to benefit the fund market and, in the end, also the individual investors through faster response from purchases and sales.”
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