Trustees Executors has urged New Zealand’s financial sector to embrace blockchain and distributed ledger technology to drive transformation in the $342 billion sector.

Chief executive Ryan Bessemer, said the rapid growth and benefits of blockchain and DLT was providing a competitive edge to companies like Trustees Executors who are using it to develop, smarter, safer and faster
technology platforms.

“New Zealand’s financial services sector should not be complacent about the huge transformation blockchain and distributed ledger will deliver to our industry. By global standards we are a small sector, but if our industry embraces this technology, I believe it will create major growth opportunities. If we don’t, we risk being left behind as an industry.”

Trustees Executors is partnering with GROW Super to create a powerful retirement savings administration platform enabled by distributed ledger technology.

The partnership with GROW Super, one of Australia’s leading digital superannuation providers, was a game-changer that would transform New Zealand’s financial services sector.

“Trustees Executors is set to redefine the financial services value chain now, and into the future. By utilising distributed ledger technology, we will deliver to clients real-time transacting capabilities with the most advanced data security available, and greater control and functionality.

“We will also have the ability to configure system changes to accommodate complex changes at the regulatory and fund level, quickly and cheaply. Distributed ledger technology will deliver complete transparency and greater data integrity for members, funds, trustees and regulators. And the good news is New Zealand funds will be able to substantially lower their cost base and deliver a better experience to their members.”

Bessemer said Trustees Executors partnership with GROW Super was a key plank in the transformation and efficiency strategy being rolled out to rebuild and reposition the 138- year-old company.

“In New Zealand, Trustees Executors will have exclusive access to GROW Super’s TINA platform. By helping our clients leverage the efficiencies and security that the distributed ledger technology delivers on the TINA platform, we foresee major growth opportunities for Trustees Executors in the KiwiSaver market, and in the managed funds sector, which are growing by 15% annually.

“Trustees Executors has an ambitious transformation and growth agenda that is underpinned by the latest technology. Our goals are to be No. 1 in our chosen markets, increase our earnings by retaining and attracting new clients in New Zealand, and using technologies to lead and disrupt current business models.

“Trustees Executors has no debt and a very strong balance sheet, which means we are very well placed to meet any challenges associated with investing in growth as well as market volatility.

“We have a clear strategy to achieve these goals, and we are fully committed to the successful repositioning of Trustees Executors in New Zealand,” Bessemer said.