BC Gateways is dedicated to evolving a better Financial Services Industry that ultimately drives better outcomes for investors by stripping inefficiency and cost while supporting profitability for real value add services. To do this BC Gateways has designed, built and patented an industry ‘Shared Source of Truth’, Australia’s first blockchain enabled platform for the permissioned distribution of Financial Services Industry data, information and services. This data and information is required to manage and administer trillions of dollars worth of Australia’s national savings, yet beyond the shiny investor facing websites the industry is plagued by too many providers using outdated technologies and techniques that add unacceptable layers of complexity, inefficiency, cost and risk. Things that inevitability drive up costs and reduce the value of funds available to Australian retirees.
BC Gateways ran a successful commercial Pilot to prove the value and operational stability of the service. Across Q2 and 3 2018 the Pilot involved both Australian and key global Financial Services institutions such as Aberdeen, Fidelity, Schroders, Equity Trustees, and Platinum supported by custodians such as JP Morgan and State Street. Following the POC BC Gateways incorporated the learnings and upgraded the platform for its move into production. The service was subsequently launched in April 2019 with twelve Foundation Partners, including our new owners, Iress, an Australian listed global financial services data and software company. The Genesis Block was subsequently laid by Fidelity in a transaction with fellow fund managers on 8 May 2019. The time since May has been occupied onboarding clients to our Community.