Press Release, 23 January 2020
PwC Luxembourg and Tokeny Solutions announce that they have joined forces to launch a Joint Business Relationship (JBR) bringing new and innovative services in the fields of capital markets and asset servicing.
Whatever the industry, sector and type of underlying assets (debt, equity, alternatives, etc) the collaboration between the two players will provide full support to the tokenisation of existing assets and/or new assets tokenisation.
Through the combination of PwC Luxembourg market and business acumen, global reach and experience of large-scale transformation programmes, and Tokeny Solutions’ state-of-the-art platform, the collaboration offers a unique solution to tokenisation projects: from pre issuance of the token to the management of its entire life cycle.
All aspects of the transaction, such as accounting, legal, regulatory, tax, risk assurance, cybersecurity, custody etc, will be considered and managed.
The collaboration also aims at helping market players to bridge the gap between the traditional mindset to the next state of tokenised economy – helping them to move from the current state to this new world in leveraging both PwC Luxembourg’s and Tokeny Solutions’ considerable experience of traditional business, their understanding of the technology and an effective technological solution.
Tokenisation is the process of converting rights of an asset into tokens that can be subdivided, traded and stored on a blockchain system. Compliance is at the heart of the whole process and is guaranteed by the inherent design of the blockchain.
Recent market trends and developments have put tokenisation at the forefront of blockchain topics today, and for the years to come, given the benefits brought to trade processes, market efficiency and transparency, to name a few.
“With this Joint Business Relationship with Luxembourg-based Tokeny Solutions, PwC Luxembourg is strengthening its position, both as a leader in the application of blockchain technology and in our innovative offering to our clients. Sometimes referred to as “Securitisation 2.0”, tokenisation has the potential to disrupt many asset classes (alternatives in particular), improve liquidity, allow for faster settlement, lower costs and reinforced risk management and compliance. PwC Luxembourg is cognisant that the market is still in the early phase of the adoption of blockchain overall, but we strongly believe that it is our responsibility to assume a leadership role in this field and have confidence in Tokeny Solutions’ platform and our vision and capabilities to play an important role in bringing value-added innovation to our clients and the market.” Thomas Campione, Blockchain & Crypto-assets Leader, PwC Luxembourg.
“We are extremely enthusiastic about the recently launched partnership with PwC Luxembourg. Tokeny Solutions’ objective is to provide investment banks, funds, mid-cap companies and distributors with the modular and user-friendly technology required for firms to digitise their processes, so they can enforce global compliance obligations, enable automation and drive efficiency.
Through tokenisation, institutions can digitise financial assets, such as equities, loans, bonds, funds and other securities, and streamline their administration to provide clients with a digital-first service. It is an exciting time, and we are confident that joining forces with PwC Luxembourg, the largest professional services firm in Luxembourg, with the Firm’s amassed expertise and commitment to serving clients in the best way possible, we will amplify the range of services and benefits offered by PwC.” Luc Falempin, CEO Tokeny Solutions
Notes to editors:
Tokeny is a software and tech service provider founded in 2017. Tokeny’s team, which currently includes over 30 professionals, brings together decades of experience across capital markets, in-depth traditional finance knowledge and blockchain expertise, with a global reach spanning from Luxembourg to London, Barcelona and Paris.
Tokeny’s mission is to enable securities issuers and their investors to seamlessly issue and manage transferable digital assets on decentralised infrastructures allowing them to access global markets while natively enforcing compliance obligations.
About PwC Luxembourg
PwC Luxembourg (www.pwc.lu) is the largest professional services firm in Luxembourg with over 3,000 people employed from 75 different countries. PwC Luxembourg provides audit, tax and advisory services including management consulting, transaction, financing and regulatory advice. The firm provides advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. The firm helps its clients create the value they are looking for by contributing to the smooth operation of the capital markets and providing advice through an industry-focused approach.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with over 276,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com and www.pwc.lu.
Communications Senior Manager, PwC Luxembourg
Tel: +352 49 48 48 3582