Hong Kong-Based Startup to Launch ‘World’s First Whole-Of-Industry Blockchain Platform for Financial Services’

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After a successful pilot in Sydney, Hong Kong-based neutral infrastructure provider BC Gateways is looking to “fundamentally change the way information is distributed” across the global finance industry.

According to a press release, BC Gateways is slated to launch The Gateway, a platform the company claims to be the “world’s first whole-of-industry blockchain platform for financial services.”

The Gateway reportedly allows businesses to publish and distribute any type of structured data. For asset management, this means improved distribution of pricing data and other fund info, and several firms including Aberdeen Standard Investments and Equity Trustees took part in the pilot. Equity Trustees’ Harvey Kalman had this to say:

“We are always looking for ways to increase efficiencies and reduce costs across operational activities. We see The Gateway as a significant breakthrough and look forward to working with the industry to maximise the benefits.”

Meanwhile, IRESS Chief Executive Andrew Walsh had this to add: “IRESS is delighted to be working with leading technology and funds management participants to change the way financial data is delivered. Through the use of the blockchain, we’re able to significantly improve the timeliness and quality of unit pricing and other fund data which over time we expect to reduce costs and increase efficiency. The multiple connectivity options to the BC Gateway allows us and other participants to quickly implement the solution with minimal changes.”

As for BC Gateways, Managing Director Gordon Little seemed quite stoked about their upcoming launch:

“It was very encouraging to see the industry’s appetite to work with an operational blockchain product that solves real-world problems. We are now looking forward to launching the service having already progressed development to support tax and regulatory reporting.”

“Given the global nature of financial services and our clients, we will be extending the service internationally following take-up in Australia. The same fractured infrastructure for sharing information on unlisted assets that causes issues in Australia is replicated around the world.”

Photo: Jim Trodel