Marc Lainé, managing director of C5 Alliance Guernsey, commented:
“The announcement today by Northern Trust and IBM regarding the first commercial deployment of Blockchain technology for the private equity market is a game-changing move for Guernsey and highlights that real opportunities exist in our financial services sector to take advantage of disruptive FinTech innovation.
“This fund, domiciled locally, I expect will attract international attention and encourage other businesses to deploy similar technology. New financial services business models are emerging and this is evidence of the real progress of FinTech as it drives the positive disruption of traditional financial services. The development of this pioneering solution is testament to the States of Guernsey’s hard work and commitment to financial services technology and the progressive approach by the regulator.”