The Wecan Comply solution will be implemented across the entire Arab Bank Switzerland group. According to a press release on Monday, the financial institution has decided to collaborate with the Wecan Group.

Compliance processes will be optimized

The bank will use the platform to optimize compliance processes and facilitate the onboarding of financial intermediaries. Independent asset managers who are clients of Arab Bank Switzerland are expected to benefit from this.

Simultaneously, the bank hopes this cooperation will create opportunities beyond traditional banking.

Rani Jabban, Managing Director of Arab Bank Switzerland, said: «Wecan’s expertise in blockchain technology and digital solutions will optimize and simplify the onboarding processes at Arab Bank Switzerland for our new partners and counterparts.»

Joining the Blockchain Association for Finance

Additionally, Arab Bank Switzerland will join the Blockchain Association for Finance (BAF). This association already includes a dozen Swiss private banks as well as numerous independent asset managers.

The association aims to set market standards to enable secure data transmission between banks and financial intermediaries, based on a distributed infrastructure and a blockchain register.

Offering NFTs since 2022

Arab Bank Switzerland has been offering custody and trading services for several major digital assets since 2019. These solutions have been continuously expanded, leading to the introduction of an NFT (Non-Fungible Tokens) offering in 2022, along with the announcement of an on-chain collection of digital art and the first global prize for digital art.