Wealth begins its blockchain reaction

Ambitious financial services firms are driving Australia’s global leadership in the development of blockchain technology, which is already delivering productivity and innovation benefits to the nation’s trillion-dollar wealth industry.

BNP Paribas Securities Services has progressively stepped up its blockchain expertise in the Australian market because it sees a nation filled with opportunities. BNP Paribas global head of securities services, Patrick Colle, says Australia has been a business investment stronghold because in many areas it is “the most advanced in the world.”

Colle says an important attribute making Australia one of the most sophisticated global markets on blockchain is the initiative of the ASX to replace its dated CHESS clearing and settlement system.

“We’re on six different working groups [here],” Colle says.

He makes it no secret that the BNP Paribas expansion strategy is deliberate and the company is exposed to blockchain “in every way possible.” Over the next three years the firm is allocating €1 billion to its corporate and institutional banking division and this includes building out blockchain, artificial intelligence and big data capabilities.

The ASX approach to replacing CHESS using blockchain technology has been a collaborative knowledge-based process. Publicly the ASX has said it will make a final decision on Australia’s post-trade technology before the end of 2017.

Hype or not, Australia’s wealth managers have implemented several blockchain or distributed ledger solutions solving vast problems and inefficiencies in the marketplace.

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Source: Wealth begins its blockchain reaction | Financial Standard