AWDC to Focus on Financial InnovationFebruary 01, 16
(IDEX Online News) – The Antwerp World Diamond Centre (AWDC) has announced that it is turning to new technologies to meet the industry’s alternative financial services needs for international transactions. The AWDC is starting a pilot program with two FinTech companies – Uphold and FX4BIZ – to offer transparent and instant international transactions.
“The international terrain on which the Antwerp diamond industry does business means that we, as the industry’s representative organization, are always searching for new technologies and ways to distinguish ourselves from our competitors,” said AWDC CEO Ari Epstein.
“Last autumn we organized a Diamond Equity Investment Symposium, together with Morgan Stanley, with the objective being to promote transparency to institutional investors that are considering investing in the diamond industry. Today we announce that this has resulted in a concrete cooperation agreement with two FinTech companies.”
Uphold’s CEO Anthony Watson said that by removing all forex spreads, costs and settlement delays from AWDC's $50 billion yearly diamond trade, his company will save AWDC trading partners tens of millions of dollars annually.
“Uphold's unique next generation platform allows AWDC trading partners and dealers to immediately transact, clear and settle all trades in over 190 countries with zero waiting, delays or limitations,” he said.
“We are highly motivated to work with AWDC in building a tailor-made and sustainable bank infrastructure for this industry,” added FX4BIZ CFO Patrick Mollard. “We are convinced that the key success factors on this project will be AWDC’s capacity to share its expertise and our ability to comply with strict international regulatory constraints.”
Sixty diamond companies will be able to sign up for the two year-long pilot projects.