Accredify, Asia Pacific’s leading verifiable technology solutions provider, today announced its pilot of a revolutionary enterprise system, called Project CapitalView, which supports verifiable transactions in the Private Equity Market.
Project CapitalView will be the first blockchain-powered initiative in the financial sector with the objective of automating the checking of equity ownership capitalization for private companies in Singapore.
Accredify was awarded the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Innovation Acceleration (IA) grant on 23 May 2023. The FSTI IA grant provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.
Project CapitalView aims to facilitate greater transparency and liquidity in the Private Equity markets by building on top of Singapore’s Accounting and Corporate Regulatory Authority (ACRA)’s new blockchain-driven trustBar initiative, which is also powered by Accredify, where data is aggregated from ACRA’s verifiable corporate identities and shared with relevant stakeholders in a consumable and user-friendly dashboard.
“We’re extremely excited to partner with UBS on this Project to introduce verifiable technology to the financial sector. It has always been our goal to apply our technology, TrustTech, to leverage on publicly available verifiable data, such as ACRA’s TrustBar, to simplify complex and time-consuming processes in any industry.,” said Quah Zheng Wei, Co-founder and CEO of Accredify, “CapitalView has the potential to automate legacy processes whilst concurrently creating digital trust in an era where fraudulent data is rampant and easy to miss, such as the latest string of fraudulent transactions in the financial sector. We’re excited to see how TrustTech can assist other industries who are facing similar issues, and to co-create an ecosystem of decentralised public verifiable data to herald a future driven by digital trust.”
“UBS is delighted to collaborate with Accredify in piloting cutting-edge technologies and solutions for the financial sector in Singapore, a key center of excellence for technology and innovation in the region. Our participation in this industry pilot is one of many ways we are working with fintechs to shape the future of banking, expand our capabilities and continue to deliver valuable services to our clients,” said Nicole Javellana, ASEAN Head of Client Trading and Execution, and APAC Head of Private Equity Blocks.
Some features in Project CapitalView’s pipeline includes a view of a corporate investor’s portfolio, allowing companies to quickly identify the latest holdings of the investor and the weightage of each holding. Ultimately, CapitalView’s goal is to serve as a recommendation engine that suggests similar investors and companies based on an existing portfolio of companies. As such, CapitalView is expected to simplify and reduce the cost associated with maintaining verified real-time updates of watchlist companies. However, benefits of CapitalView are not just limited to the private equity transactions market, but in the future, can also be used for other scenarios such as KYCs and mergers and acquisitions.