Geneva, June 24, 2024 – The Arab Bank Switzerland Group (ABS) joins Wecan Group and the Blockchain Association for Finance, effective this month. This collaboration aims to enhance ABS’s existing offerings, as a pioneer in digital assets within the private banking sector.
Wecan Comply Solution Adopted Across ABS Group
The ABS Group is now using the Wecan Comply platform to secure the storage, collection, and sharing of compliance data for independent asset managers who are clients of Arab Bank Switzerland during onboarding, monitoring, and annual reviews. It will also allow the bank to onboard crypto native counterparts more efficiently.
This collaboration will optimize compliance processes and facilitate onboarding with financial intermediaries that contribute to Wecan’s success. Moreover, it opens promising prospects for going beyond the traditional boundaries of banking management.
Rani Jabban, Managing Director of Arab Bank Switzerland, commented: “Wecan’s expertise in blockchain technology and digital solutions will optimize and simplify the onboarding processes at Arab Bank Switzerland for our new partners and counterparts.”
Philippe Reynier, CEO of Wecan Group, added: “The onboarding of Arab Bank Switzerland onto Wecan Comply is excellent news. It not only confirms our platform’s relevance for the traditional financial services world but also for innovative players developing in crypto while maintaining the highest compliance standards. Since the beginning of discussions with Arab Bank Switzerland, I have been impressed by the visionary nature of their strategy and am delighted that we have the opportunity to support them in its execution.”
Arab Bank Switzerland Joins the Blockchain Association for Finance
Arab Bank Switzerland has also announced its membership in the Blockchain Association for Finance (BAF), which already includes a dozen Swiss private banks such as Pictet, Julius Baer, Lombard Odier, and Edmond de Rothschild, along with hundreds of independent asset managers.
One of BAF’s missions is to establish the market standards on which Wecan Group relies to facilitate secure data transfers between banks and financial intermediaries built on a distributed infrastructure and blockchain registry.
This network aims to enable secure, instant, and nearly free global data transactions that are auditable and immutable. It supports any data format, forms, or documents, ensuring secure storage and sharing of data.
Arab Bank Switzerland, a Pioneer in Digital Assets
Swiss private bank Arab Bank Switzerland has always been at the forefront of digital asset solutions, offering custody and trading services for several key assets since 2019. These solutions have continuously expanded, culminating in the launch of an NFT (non-fungible tokens) offering in 2022, alongside the announcement of an onchain digital art collection and the first global prize dedicated to digital art. This approach enriches its service portfolio and reinforces its leadership among private banks embracing new technologies.
Wecan Group, a Pioneer in Data Tokenization
Wecan Group has co-created a secure and standardized data tokenization and exchange protocol with leaders in wealth management, optimizing compliance processes for onboarding, periodic reviews, and audits. Adopted by over 100 financial institutions managing more than $1 trillion in assets, these solutions facilitate Know Your Business (KYB), Know Your Customer (KYC), and accelerate the collection and processing of compliance data.
