The Frankfurt-based fintech company Comyno has opened a new distributed ledger technology (DLT) hub in Belgrade, Serbia.
Comyno director Admir Spahic, has taken on the title of DLT director alongside his current role, and leads the new hub alongside Nikola Dulic. Dulic joined Comyno in August 2017 from FIS.
According to Comyno, Dulic brings “a wealth of experience in software architecture and development especially in the securities finance area”.
The platform promises to help buy-side firms and financial institutions to run multi-party, cross-border trading networks globally, allowing transacting parties to define workflows and data access levels by themselves.
According to Comyno, the new product will interact with their existing C-ONE platform and pluggable DLT module, offering access to a broad variety of present and future market access points from the start.
The initiative was mainly driven by the expectation that the current trend towards DLT will sooner or later strongly influence the requirements to any software infrastructure dealing with securities and cash.
In a statement on the launch of the hub, Dulic said: “Our new platform seeks to exploit the potential of further improvement of financial services for our markets. Instead of trying to force new regulatory requirement into legacy software with all the burdens coming with it, we’ve turned the whole approach completely upside down.”
“For example, the very basis of our platform is built on the Securities Financing Transactions Regulation requirements, incorporating all data and trade lifecycle logic required for reporting. But, in addition to this, we also get additional value out of this approach for front office and collateral management to better steer and meet regulatory figures.”
Spahic added: “Having evaluated several options, Belgrade and surrounding offers very good and improving infrastructure combined with highly talented and motivated software specialists.”
