·  Allfunds will support ICBC (Asia) in expanding its cross-border fund accessibility

·  The partnership involves future plans for advanced WealthTech solutions, offering exceptional added value

Madrid and Hong Kong, 27 June 2024 – Allfunds, a leading B2B WealthTech platform for the funds industry, announces today a strategic partnership with Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”).

The partnership between ICBC (Asia) and Allfunds will provide a technological fund platform for ICBC (Asia) to simplify manual processing, reduce operational risks, enhance operational efficiency, and automate transactions.

The agreement helps improve customer experience and provides a one-stop solution for global fund transactions for institutional investors.

Allfunds will provide technological solutions and operational support to help ICBC (Asia) streamline its international investment operations, reduce administrative work, and improve the efficiency of managing foreign investments.

In a second phase of the partnership, ICBC (Asia) will integrate some of Allfunds' digital solutions: Allfunds will build an API (Application Programming Interface) data platform, which will enable seamless retrieval and integration of value-added fund data and reports. ICBC (Asia) will also have access to Allfunds' flagship portfolio solution, nextportfolio, a powerful tool for portfolio managers that offers multi-asset capabilities and a fully tailored, mobile-ready, digital experience.

David Pérez de Albéniz, Regional Manager for Asia at Allfunds commented: “We are delighted to support ICBC (Asia) in its growth ambitions beyond Hong Kong, where it is already an established market leader, as we continue to develop our ecosystem and specialize further in servicing custodians in Asia, and globally. I am confident that with this partnership, ICBC (Asia) will further strengthen its value proposition and achieve greater scalability and efficiency in servicing its customers.”

Xu Lei, Deputy Chief Executive Officer at ICBC (Asia) added: “We are pleased with our partnership with Allfunds and we believe that there are many possibilities for us to explore together. Industrial and Commercial Bank of China Limited (“ICBC”) is one of the largest custodian banks in China. As the flagship overseas business of ICBC, ICBC (Asia) provides global custodian services, covering more than 90 markets worldwide through ICBC inter-group organizations and sub-custodian network. ICBC (Asia) supports various global investment products, such as QDII, QFI, Bond Connect, CIBM and other cross-border businesses; as well as Hong Kong Unit Trust, Cayman funds, Separate Accounts, OFC, LPF, SPAC, Escrow and other Hong Kong local and overseas businesses.”