Adviser platform SEI has entered into strategic partnership with London-based regtech firm Coinfirm to develop a blockchain that will allow for faster asset transfers in the UK.
The two companies will use digital ledger technology (DLT) to improve what they describe as a ‘costly and inefficient area of the market’.
The initiative also aims to create a new digital standard for asset transfer in the UK.
“The initiative aims to provide a solution that will significantly reshape the U.K.’s asset transfer market and create a new digital industry standard,” SEI said in its press statement.
SEI revealed that it has already commenced a pilot programme with one of its existing customer in the UK and intends to launch the offering to other customers and the wider market in 2018.
Coinfirm CEO and co-founder Pawel Kuskowski said: “What Coinfirm and SEI are doing together through our blockchain solution is not only a legitimate, living example of how this technology is helping solve core problems, but also setting a new standard for the industry as a whole.
“SEI has really placed itself at the forefront with this initiative, and we are happy to add a company of this calibre to the growing list of financial players with which we work.”