Allfunds, a B2B WealthTech platform for the funds industry, has agreed a strategic partnership with Industrial and Commercial Bank of China (Asia) Limited.
The deal will provide a technological fund platform for ICBC (Asia) to simplify manual processing, reduce operational risks, enhance operational efficiency, and automate transactions, according to a statement by the Allfunds.
David Pérez de Albéniz, regional manager for Asia at Allfunds said: “We are delighted to support ICBC (Asia) in its growth ambitions beyond Hong Kong, where it is already an established market leader, as we continue to develop our ecosystem and specialise further in servicing custodians in Asia, and globally.”
Initially, Allfunds will provide technological solutions and operational support to help ICBC (Asia) streamline its international investment operations, reduce administrative work, and improve the efficiency of managing foreign investments.
In a second phase, ICBC (Asia) will integrate some of Allfunds’ digital solutions: Allfunds will build an API (Application Programming Interface) data platform, which will enable seamless retrieval and integration of value-added fund data and reports.
ICBC (Asia) will also have access to Allfunds’ flagship portfolio solution, nextportfolio; a powerful tool for portfolio managers that offers multi-asset capabilities and a fully tailored, mobile-ready, digital experience.
Xu Lei, deputy chief executive at ICBC Asia said: “As the flagship of overseas business of ICBC, ICBC (Asia) provides global custodian services, covering more than 90 markets worldwide through ICBC inter-group organizations and sub-custodian network.”
“ICBC (Asia) supports various global investment products, such as QDII, QFI, Bond Connect, CIBM and other cross-border businesses; as well as Hong Kong unit trust, Cayman funds, separate accounts, OFC, LPF, SPAC, escrow and other Hong Kong local and overseas businesses,” he added.
