The Investing and Saving Alliance (TISA) has received a £250,000 investment in its blockchain-based fund data management service.
TISA Universal Reporting Network (TURN) aims to “revolutionise” how fund-related data is collected and disseminated using blockchain technology.
The money is being invested by Industrial Thought, a group of companies which describes itself as being “focused on accelerating the future of wealth management.”
The TURN platform aims to to support asset managers, distributors, and the broader financial sector by providing a unified, transparent, and efficient way to manage data.
TISA claims implementation of TURN will result in increased market compliance, reduced regulatory and operational costs, and ultimately a better service to investors.
Chief executive of TURN, Gary Bond, said: “We believe that data is the lifeblood of the modern financial world, and it should be harnessed to its full potential. Unlocking that potential starts by overcoming the main obstacles; because TURN has been developed by industry experts for industry professionals, we can tackle those challenges head on.
“Building on the platform’s initial success, we have a lot of exciting plans in the pipeline. The investment from Industrial Thought enables us to enhance our capabilities further as we continue to address the evolving needs of our industry.”
Nuno Godinho, group chief executive of Industrial Thought, added: “In this new era of digital transformation, it is crucial to standardise data to create trust, limit liability, and allow our industry to thrive.
“TURN is doing exceptional work building an environment where firms can share their data and its key principles of transparency, collaboration, cost-effective excellence, and quick to market, totally align with our values.”