Granite is about to test whether Egypt’s funds still need administrators
· Egyptian market news
Egypt’s first digital money management fund platform, Granite, is about to run an experiment that could redefine a key job in Egypt’s fund industry. Tarmiiz a statement (pdf)
The FRA will get its own window through which to watch it all happen in real time
WHY IT MATTERS- What Granite is doing is trying to help Egypt catch up to a technology that’s now being widely used in Western finance industries.
( If you, like us, are not blockchain nerds, read on:
The experiment is unusually ‘concrete’ (for lack of a better word) for a sandbox project:
Akram tells us he expects the technical proof to take “a couple of months” of clean daily reconciliation
A successful trial will likely mean that today’s rulebook has to change.
Today’s fund administrators can see that as a threat — or as an opportunity.
If the trial works, the result could also be a new technology role: Someone has to operate and secure the network
The open question is less whether Egypt’s administrators can learn to “run a blockchain” than whether they can adapt their businesses around one.
What’s in it for the FRA? More control — and in real time, to boot.
This isn’t entirely new magic: BlackRock and Franklin Templeton have tokenized money market products that have attracted bns of USD worth of AUM.
Uhm,? What’s tokenization?
It doesn’t stop at funds: Akram sees the blockchain creating a wide set of opportunities for the fund management industry
Property funds are where the friction is worst:
What does the finished version look like? just imagine having the money market fund on Apple Pay
And that’s just on the retail side — there are even more applications for corporates.