Mirabaud & Cie announced last week its decision to join the Wecan Comply Blockchain platform with the aim of facilitating and standardizing the administrative integration of its independent asset managers (IAMs). Kevin Carnegie, project Manager at Mirabaud & Cie has agreed to answer questions from Wealth Monaco.

Financial Groups in Switzerland such as Lombard Odier, Pictet, Edmond de Rotshchild, and now Mirabaud & Cie have recently joined the Wecan Comply platform, based on the Blockchain in order to facilitate the exchange of compliance data with their independent asset managers (IAMs).

Blockchain adoption process within Mirabaud’s compliance department

Wecan uses Hyperledger technology for its Wecan Comply platform, the world’s first blockchain-based banking compliance solution. This is obviously a private platform.

Its objective is to standardize compliance documents uploaded directly on the platform by external asset managers The platform will streamline the process of exchanging and validating legal documents, using Blockchain technology, between the bank and IAMs.

Field of application of WeCan Comply within Mirabaud

The project aims above all to strengthen our relationship with our IAMs by digitizing the exchange of B2B information between them and our internal GFI desk.

The main objective is to promote and standardize the exchange of B2B information through a digital platform (i.e. Wecan Comply). Our IAMs will therefore have at their disposal a platform on which they can update their information in complete security, consequently making it possible to drastically reduce administrative iterations (with low capital gains) up till now between them and the Bank.

Compliance will also benefit from access to the platform in order to consult and verify information shared by IAMs. This will facilitate the work of reviewing KYC information and other compliance control activities. Blockchain technology offers security, immutability of shared information and meets requirements in terms of audit trails and traceability of updates.

Mirabaud and its digital positioning

There is a positive Group approach to technology as soon as we clearly identify benefits for our internal teams. We always aim to improve our internal processes in order to improve our relations and exchanges with our customers in complete safety.

The first exchanges between Wecan – the Swiss company which is our partner in the implementation of this solution – and Mirabaud date back to 2019. We took part in the initial discussions on this specific initiative. This is the first Blockchain project within the Group. Confidence in this technology will grow based on the initiatives and their successes.

Our understanding and approach to date is that Blockchain technology can meet different needs and requirements with respect to compliance processes. However, Blockchain will not systematically be the technology highlighted in our projects aimed at improving internal processes.

For now, we are focusing our efforts on the Wecan Comply project and supporting our IAMs on this new platform. However, other internal projects will examine a possible integration of Blockchain technology in order to analyze and measure the benefits for all stakeholders.

Interview : Kevin Carnegie, project Manager – Mirabaud &Cie