SEI, a leading global financial services company recently launched Codify, a Regtech incubator with multiple startups partaking including the blockchain AML and compliance platform provider Coinfirm.
Financial technology solution provider SEI Investments Company (NASDAQ: SEIC) has announced its Codify incubator has brought in three leading Regtech startups for its launch. SEI is taking an active role in the fast growing sector to help financial firms’ best address the increasingly complicated regulatory landscape.
Coinfirm joins Codify along with Neuroprofiler, the risk-assessment firm categorizes investors’ psychological profiles using behavioral finance techniques, and Enforcd, which uses enforcement data, news, and insights to better identify regulatory risks.
Coinfirm Co-Founder and CEO Pawel Kuskowski stated that with a blockchain compliance platform like Coinfirm, AML effectiveness could increase from the current 2% catch rate to 90% or above while also turning compliance into a more automated and efficient process. Coinfirm and SEI are working together to bring such types of benefits of blockchain for their clients and partners and across the entire industry.
Kuskowski expressed his positivity for SEI’s approach towards blockchain and Regtech with Codify stating:
“We’ve received great support from SEI and have been really impressed by their open and progressive approach towards bringing the benefits of blockchain technology to the wider financial market.”
“This technology is a once in a generation opportunity and we’re glad SEI recognized how important what we’re doing is and how we can mutually build great opportunities.”
Coinfirm is most well known for their Blockchain AML & Compliance Platform but are also using their platform for multiple big data analytics purposes and creating solutions like their Document Verification Platform that is currently in the pilot phase with two major banks. With SEI, Coinfirm continues their work with larger players to bring blockchain into the mass market while SEI continues to bring new value and solutions to their operations and clients.
Ahsan Mallick, general counsel at SEI UK and Executive Sponsor of Codify said:
“As domestic and international regulation become more complex for all types of institutions, the relevance of this field of work will continue to grow. SEI launched Codify to support promising early-stage businesses that are developing tech solutions to address the world’s growing and demanding regulatory requirements.”