Bank

DeFi

Wecan Group

<p>The financial institution based in Zurich and Geneva is partnering with the <strong>Wecan Group</strong> and joining the <strong>Blockchain Association for Finance</strong>. With these strategic moves,<strong> Arab Bank Switzerland</strong> aims to enhance its standing in the private banking sector.</p> 
<h2 class="wp-block-heading" id="h-implementing-the-wecan-comply-solution">Implementing the Wecan Comply Solution</h2> 
<p>Arab Bank Switzerland will implement the Wecan Comply solution across its entire group. A recent press release announced the bank’s collaboration with the Wecan Group to optimize its compliance processes.</p> 
<p><strong>Philippe Reynier, CEO of Wecan Group, expressed</strong>: “I was impressed by the visionary nature of their strategy and am delighted that we have the opportunity to support its execution.”</p> 
<h2 class="wp-block-heading" id="h-optimizing-compliance-processes">Optimizing Compliance Processes</h2> 
<p>The bank will leverage the Wecan platform to streamline compliance procedures and facilitate the onboarding of financial intermediaries. This initiative is expected to benefit independent asset managers who are clients of Arab Bank Switzerland. The Wecan Comply platform will secure the storage, collection, and sharing of compliance data for these managers during onboarding, monitoring, and annual reviews. It will also enable Arab Bank Switzerland to onboard counterparts from the crypto ecosystem more efficiently.</p> 
<p><strong>Rani Jabban, Managing Director of Arab Bank Switzerland, commented</strong>: “Wecan’s expertise in blockchain technology and digital solutions will optimize and simplify the onboarding processes at Arab Bank Switzerland for our new clients and partners.”</p> 
<h2 class="wp-block-heading" id="h-joining-the-blockchain-association-for-finance">Joining the Blockchain Association for Finance</h2> 
<p>Arab Bank Switzerland has also announced its membership in the Blockchain Association for Finance (BAF). This association includes numerous Swiss private banks and over a hundred independent asset managers.</p> 
<p>The BAF aims to establish market standards for secure data transmission between banks and financial intermediaries, utilizing a distributed infrastructure and a blockchain register. This network supports global, secure, instant, and nearly free data transactions, ensuring auditability and immutability while accommodating any data format, forms, or documents.</p> 
<h2 class="wp-block-heading" id="h-building-on-previous-achievements">Building on Previous Achievements</h2> 
<p>Arab Bank Switzerland’s recent moves build on its earlier successes in the digital asset space. In January 2022, the bank expanded its cryptocurrency and DeFi token offerings, with plans to introduce crypto asset management services. This strategic expansion included offering nine DeFi tokens alongside Bitcoin, Ethereum, Tezos, and Fantom.</p> 
<p><strong>Rani Jabban previously explained to <a href="https://www.unlock-bc.com/83831/arab-bank-switzerland-to-offer-crypto-asset-management-services/" class="ek-link">Unlock Blockchain</a>:</strong> “The cornerstone of our offering is in the custodial service we provide. This has enabled our clients, who know nothing about crypto or how to trade, to get into crypto and digital assets comfortably.”</p> 
<p>Arab Bank Switzerland’s seamless client experience integrates investments into the traditional financial system, allowing clients to decide what to buy and trade without worrying about the technical details of blockchain technology.</p> 
<p><strong>Jabban also mentioned:</strong> “We are building an asset management mandate for cryptocurrencies, offering discretionary mandates for clients who want to invest in cryptocurrencies such as Bitcoin, Ethereum, and several DeFi altcoins. We are reallocating or rebalancing portfolios monthly and including staking services.”</p> 
<p>The bank’s vision extends to the tokenization of real assets, bonds, and equity. Jabban highlighted: “We are completely behind the whole crypto digital assets universe. We created the demand by developing our offering early on, and in late 2020, clients began entering this space.”</p> 
<h2 class="wp-block-heading" id="h-pioneering-digital-assets">Pioneering Digital Assets</h2> 
<p>Arab Bank Switzerland has been at the forefront of digital asset solutions, offering custody and trading services for key digital assets since 2019. Their offerings have expanded to include NFTs, enriching their service portfolio and solidifying their position as a leader among private banks embracing new technologies.</p> 
<h3 class="wp-block-heading" id="h-wecan-group-s-role-in-data-tokenization">Wecan Group’s Role in Data Tokenization</h3> 
<p>Wecan Group, in collaboration with wealth management leaders, has developed a secure and standardized data tokenization and exchange protocol. This protocol optimizes compliance processes for onboarding, periodic reviews, and audits. Adopted by over 100 financial institutions managing more than $1 trillion in assets, these solutions facilitate business relationships, Know Your Business (KYB), Know Your Customer (KYC), and accelerate data collection and processing compliance.</p> 
<p>The post <a href="https://www.unlock-bc.com/124989/arab-bank-switzerland-strategic-partnerships-innovations/">Arab Bank Switzerland Strengthens Its Position with Strategic Partnerships and Innovations</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.</p>

Arab Bank Switzerland Strengthens Its Position with Strategic Partnerships and Innovations

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