Blockchain firms can prove to be valuable allies in the fintech sector. The United Kingdom’s Coinfirm is certainly on that list. Thanks to a new partnership with SEI, both companies will change the UK’s asset transfer market. Moreover, they will focus on creating a new digital industry standard. For the time being, it is still unclear what exact role the blockchain will play in all of this.

It is good to see Coinfirm and SEI team up for this particular venture. Fintech is a booming industry in many European countries. The way we think about finance is changing dramatically. This also means new technologies and solutions need to be created to accommodate such changes. Both parties will work on creating a way to harness blockchain technology to reshape the asset transfer market. More specifically, the main priorities are coming up with ways to address costs and inefficiencies.

Coinfirm and SEI Partner up

Creating a new digital asset transfer industry standard is not easy, though. It will require a lot of work and effort to pull off. With a strong focus on costs, efficiency, and security, interesting things are bound to happen. All of this is part of SEI’s global push to utilize blockchain technology to benefit the company’s clients. Distributed ledgers have a big role to play in the future of finance, that much no one can deny. It remains to be seen how things will play out, though.

SEI Wealth Platform’s Brett Williams comments as follows:

“The asset transfer market is widely regarded as one of the most expensive and error-prone parts of the asset management value chain, with much of it still involving a great deal of manual procedures. The work we are doing with Coinfirm will help redefine asset transfers processing, with a view to setting a new standard by which all U.K. wealth and asset managers can evaluate their own systems and processes.”

Coinfirm has built up a solid reputation in the world of blockchain and regtech. With many partners in the blockchain and DLT industry, SEI will benefit from their expertise in this regard. Moreover, Coinfirm and SEI have a history, as the startup was part of SEI’s regtech incubator earlier in 2017. It is evident both parties complement one another pretty nicely so far. It will be interesting to see what the future holds for this venture. Exciting developments are on the horizon, that much is evident.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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