Global B2B WealthTech platform giant Allfunds has announced a strategic partnership with Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”).
The partnership between ICBC (Asia) and Allfunds will provide a technological fund platform for ICBC (Asia) to simplify manual processing, reduce operational risks, enhance operational efficiency, and automate transactions, the company said.
The agreement is set to “help improve customer experience” and provides a one-stop solution for global fund transactions for institutional investors, Allfunds claims. It 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.
Two phase agreement
In a second phase of the partnership, 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.
David Pérez de Albéniz, Regional Manager for Asia at Allfunds, ” said: I am confident that with this partnership, ICBC (Asia) will further strengthen its value proposition and achieve greater scalability and efficiency in servicing its customers.”
Xu Lei, Deputy Chief Executive at ICBC (Asia) added that he is pleased with the partnership with Allfunds and believe that there are “many possibilities for us to explore together.”
Industrial and Commercial Bank of China Limited (ICBC) is one of the largest custodian banks in China. As the flagship 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.
