Irish Funds today announces that it has, in collaboration with Deloitte and participants from leading global asset servicing and fund management institutions including Deutsche Bank, Metzler, Northern Trust and State Street, successfully completed its blockchain proof of concept for regulatory reporting, “RegChain”.
The proof of concept tested the application of blockchain technology and its functionality for the capturing of transactions, the management of reporting with smart contracts capability and enhanced compliance, which increased transparency and developed a cost benefit analysis study to measure the benefits of future blockchain solution. The technical build used Ethereum and IPFS (InterPlanetary File System).
The project, which focused on the Resident Investment Fund Returns (Money Market & Investment Funds Returns Reporting or ‘MMIF Reporting’), resulted in the design and development of a proof of concept leveraging blockchain and smart contract technology to create a platform for regulatory reporting accessible to the reporting entity as well as a regulator.
Key findings from the project included:
Commenting on projects success, Irish Funds CEO, Pat Lardner said: “The successful completion of this project is an important first step in demonstrating the power of Blockchain for regulatory reporting and industry collaboration around innovation. This foundation will enable additional development and progress to be made with other key stakeholders and confirms Ireland’s place a leading location for FinTech globally.”
David Dalton, Head of Financial Services at Deloitte Ireland, and sponsor of Deloitte’s EMEA Grid Blockchain Hub commented: “Deloitte are delighted with the progress made by the collaboration with Irish Funds and funds industry participants. We look forward to seeing how we bring this to production and extend blockchain further into the funds industry.”
Also welcoming the project findings and broader industry collaboration in Ireland is Keith Fingleton, IDA Ireland and Chairman of the Irish Blockchain Expert Group who said “It is excellent to see Irish Funds taking the lead and developing a forward thinking approach to easing the regulatory burden of their members. Once again it shows Ireland as a location to undertake innovative solutions, in a collaborative manner, to help solve complex business problems.”
The Irish Funds Industry Association (Irish Funds) is the representative body for the international investment fund community in Ireland. Founded in 1991, Irish Funds represents fund managers, custodian banks, administrators, transfer agents, professional advisory firms and other specialist firms involved in the international fund services industry in Ireland.
Irish Funds’ 115+ members are responsible for in excess of 13,500 funds with a net asset value of €3.8 trillion. The objective of the Irish Funds is to support and complement the development of the international funds industry in Ireland, ensuring Ireland continues to be a location of choice for the domiciling and servicing of investment funds.
Over the last 25 years Ireland has become a premier jurisdiction for fund managers establishing regulated investment products for distribution in the global marketplace. In recent years Ireland has been the fastest growing international fund administration centre and boasts the largest hedge fund administration centre in the world.
Ireland is also a leading European domicile for money market funds and exchange traded funds, as well as the world’s premier jurisdiction for the stock exchange listing of investment funds.
International investment managers are attracted to Ireland due to its open, transparent and regulated investment environment and its strong emphasis on investor protection.
A total of 480 fund promoters from across the globe have used Ireland to set up regulated investment funds distributed to shareholders throughout the world. Fund promoters can rely on expert service supported by 14,000 skilled employees across the entire service provider community, including fund administrators, trustees, legal advisers, auditors, tax advisers, compliance, listing and other industry specialists.
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