Online financial transactions technology developer Sanford has won a $1.3 million grant from the Federal Government to develop a solution that will facilitate trade across global currencies and systems.
The grant is specifically aimed at allowing investors to trade across international currencies, execution and settlement systems at an affordable price, to encourage these transactions.
Sanford has started to research and develop the means to develop a low cost digital global execution, settlement and custody system. Called the Global Execution, Settlement and Custody System (GESCS), the product also aims to lower the transaction and holding costs tied to financial assets in both local and offshore markets.
Essentially, said Sanford chief executive officer Steven Goh, the grant enables all investors “to enjoy the same services currently only available to institutional or high net worth clients”, and empower a greater range of investor with the ability to trade internationally. GESCS will also incorporate online compliance and taxation services and reported required for global investing.
GESCS will allow retail investors and financial intermediaries in multiple regions to be able to trade and hold financial assets in a low cost digital environment,” said Goh of the project’s ultimate goal. GESCS’ digital environment will be accessible via Internet, wireless and broadband channels.
According to Goh, the aim with this digital environment is to lower the cost of transaction and holding costs of managing financial services, such as deposits, shares, loans and managed investments, and provide the infrastructure to feed into portfolio and taxation systems in multiple local regions.
Sanford intends to combine GESCS with its proprietary financial transaction systems technology, and with its partners’ technology solutions in banking, financial transaction and custody services.
Sanford will match the investment under the Federal Department of Industry and Resources Start Grant, to boost research and commercial development of GESCS. The project is slated for completion this December.