Fundsquare and fintech firm to launch KYC utility

FinTechFundsquare, a Luxembourg-based fund data and documentation firm, is attempting to establish an infrastructure for the sharing of client information.

Fundsquare will roll out the secure “ know-your-customer” (KYC) platform in partnership with i-Hub, a fintech firm that built the platform.

The facility allows collection, verification and validation of fund data in digital form and provides a multi-device connection to KYC data and documents.

It will be open to financial and non-financial institutions and their underlying clients.

Olivier Portenseigne, managing director of Fundsquare, said it was essential for the funds industry to develop a single KYC infrastructure that would efficiently support the distribution of funds.

He said that prior to the deal with i-Hub, Fundsquare had held an industry dialogue with some of Europe’s leading asset managers and asset servicing providers to define what the market needed in terms of KYC infrastructure.

i-Hub was launched in August 2016 and offers access for both information providers and information consumers to a secure platform that centralises the management and storage of data and document collection.

Fundsquare is owned by the Luxembourg Stock Exchange in 2013 and describes itself as a “market infrastructure”. It provides services to support and standardise cross-border distribution of investment funds.

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