Digital assets can be tokenized and professionally stored via the Finstar Open Banking Platform. Hypothekarbank Lenzburg relies on the technology developed by Taurus SA from Geneva.
Finstar® Open Banking Digital Asset Platform is an innovative new service offering. By linking a digital asset storage solution to the Finstar Open Banking Platform, Hypothekarbank Lenzburg is building a bridge between the traditional and digital financial world. With Finstar, digital assets based on distributed ledger technologies can now also be stored securely.
With the new Finstar® Open Banking Digital Asset Platform, all assets can be tokenized, provided with a cryptographic key, and stored as securely as in a traditional bank vault. Hypothekarbank Lenzburg relies on the technology developed by Taurus Group, the market leader in Switzerland.
The Finstar® Open Banking Digital Asset Platform has been successfully tested in a test conducted by the Capital Markets and Technology Association (CMTA), as announced by the CMTA today. The CMTA is an independent association dedicated to advancing the trading of tokenized assets in Switzerland.
The various modules are connected to Finstar via APIs, which allows for efficient and secure communication with Taurus systems. Hypothekarbank Lenzburg operates the relevant software components as services in its own computer centres. These are also offered to other financial service providers via corresponding Finstar modules and are thus available to the entire Finstar community.
In addition, non-Finstar banks, external asset managers, family offices and private individuals can now also use the service for the safekeeping of digital assets. Thanks to the open banking API, the components can be easily connected to third-party systems. Hypothekarbank Lenzburg itself is also planning to include products for the safekeeping of digital assets for its own customers in the future.
"We are thus opening up a safekeeping space for digital assets. We are observing an increasing demand for this type of service from various banks and third-party providers in the financial sector. This step is a logical consequence of our innovation strategy applied during recent years. We are thus expanding our range of services in connection with the Finstar platform to include a forward-looking business area," says Marianne Wildi, CEO of Hypothekarbank Lenzburg.
"I am convinced that the introduction of digital assets will further facilitate financing and secondary market transactions for SMEs. Today's announcement is an important step for the Swiss banking centre and SMEs in the sense that Hypothekarbank Lenzburg is the first Swiss universal bank to offer secure and professional storage of digital assets across the entire value chain. This has been made possible because Hypothekarbank Lenzburg is not only a bank, but also a technology firm as the developer and promoter of Finstar," says Lamine Brahimi, co-founder of the Taurus SA.