Allfunds, a B2B WealthTech platform for the fund industry, has announced that it has reached an agreement with the Industrial and Commercial Bank of China (Asia) Limited (ICBC Asia). According to their statement, with the support of Allfunds, ICBC (Asia) will have access to a new technological platform: a comprehensive solution for more efficient investment fund transactions, with fewer manual processes, and a significant reduction in administrative burden and operational risks.
In a second phase, ICBC (Asia) will integrate some of Allfunds’ digital solutions. Specifically, Allfunds will develop an API (application programming interface) data platform designed for efficient access and integration of fund data and reports. Consequently, ICBC (Asia) will also have access to one of Allfunds’ flagship solutions, nextportfolio; an advisory and portfolio management tool offering multi-asset capabilities and a fully personalized digital experience.
“We are very pleased to support ICBC (Asia) in its growth ambitions beyond Hong Kong, where it is already a consolidated market leader, while we continue to develop our ecosystem and further specialize in serving custodians in Asia and worldwide. I am convinced that with this agreement, ICBC (Asia) will further strengthen its value proposition and achieve greater scalability and efficiency in serving its clients,” highlighted David Pérez de Albéniz, Regional Director for Asia at Allfunds.
For his part, Xu Lei, Executive Deputy Director of ICBC Asia, added: “We are very satisfied with our agreement with Allfunds and believe that there are many collaboration opportunities yet to be explored. The Industrial and Commercial Bank of China Limited (ICBC) is one of the largest custodian banks in China. As the flagship of ICBC’s overseas business, ICBC (Asia) provides global custody services, covering more than 90 markets worldwide through intergroup organizations and ICBC’s 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 mutual funds, Cayman Islands funds, separate accounts, OFC, LPF, SPAC, Escrow, and other local and overseas businesses.”
