A revolution in technology may render the investment funds Portuguese cheaper. The blockchain, an innovation included in the development of currency bitcoin, may replace the existing costly and antiquated that the financial system uses to communicate and record transactions in the funds. José Veiga Sarmento, president of the Portuguese Association of Investment Funds, Pensions and Patrimónios (APFIPP), believes that the technology enables "the transaction costs are much lower", which may be reflected in the fees charged to the subscribers.
THE APFIPP is developing a platform of marketing funds to domestic investment based on the technology <> > > > > blockchain. This technology, which combines principles of mathematics, cryptographic and economic, allows you to implement a register which is accessible by various entities, without the need for validation or reconciliation of any third party. José Veiga Sarmento also highlights the possibility of making the so-called "contracts smart", in that the system stores information about investors and products. For example, the subscription a more complex background is only executed if the registration of the investor indicate that he has advanced knowledge about investments.
José Veiga Sarmento explains that the APFIPP want to develop a "proof-of-concept of this technology with the goal of subscribe to and redeem units of participation." By the end of the year there will be news, account.
Satoshi Nakamoto, the inventor or the inventors anonymous of the bitcoins, used blockchain to ensure that the currency would be safe, but decentralized, that is, independent of central banks. The financial system is to harness technology to create new solutions.
The Nasdaq, a u.s. exchange, is to implement a model based on blockchain to register the business about the actions of non-listed companies. The stock exchange of Australia want to spend all your records of transactions and settlements for a system blockchain. > > > > Euronext, The stock exchange, pan-european, which includes the square of lisbon, allied with financial institutions to create a market for trading of securities for small and medium-sized enterprises. Euronext, such as the SIBS, the entity that manages the Multibanco network, is a partner of the APFIPP in the development of the new solution for the investment funds.
The R3 is probably the largest international consortium for the application of technology blockchain to the financial system. Includes more than 60 institutions, such as Barclays, BBVA, BNP Paribas, Credit Suisse, Deutsche Bank, JPMorgan, Santander and UBS.
it is Not just the financial system to implement technology blockchain. > > > > In Scandinavia, some logistics companies have developed a shared database on the positioning of containers. Greece and Honduras, to consider the development of systems of land registration based on the blockchain.
the direction of The APFIPP has two goals with the development of the technology: to create a platform that gives access to funds to domestic investment, and prove, using Portuguese teams, they can achieve operating costs lower than those recorded currently in the industry of investment funds. "The goal at this time has a array of national," says José Veiga Sarmento, which does not exclude, however, that the platform can be open to managers of foreign funds.
The president of APFIPP compares the platform you plan to develop with the supermarkets of funds, the financial institutions that sell hundreds of funds, as the Bank Best. "The work involved between these entities and the providers of the raw material [investment funds] is huge: receipts, recording of transactions, reconciliation", says José Veiga Sarmento. "What are we going to give all the operators with this platform is the possibility to add investment funds that understand without having to make a huge investment in organization and in technology to give its customers a more extensive."
it will Also be possible to save in the audit and supervision. "The auditors and the supervisors are great consumers of information. Financial institutions have teams whose job is to prepare information for the auditors and the supervisors can make their checks and access to the activity that was recorded," recalls José Veiga Sarmento. "If we associate the auditors and the supervisors, can do its functions without having to do research activities on the databases."
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