It was officially announced that the Switzerland office of Ernst & Young (EY) with partners Daniel Haudenshild, financial services managers Valdemar Scherer and Sven Möller will collaborate to lead the Polybius project team on banking operations, technology, and legislation. Polybius aims to create a regulated, decentralized bank for the digital generation and the company is planning an ICO this May to garner community support for its initiative.
The move to set up headquarters in Switzerland was announced last month by the Polybius team, who said back then that Ernst & Young AG had agreed to advise, but now it has been made official. The announcement could provide a boost to the ICO with EY officially onboard.
The London-based audit and consulting firm, Ernst & Young is one among the “Big Four” audit companies. Many of EY’s activities involve advisory support to financial institutions.
The Polybius Cryptobank project attracted the attention of Swiss financiers at the BlockchainUA conference held in Kiev in March. Experts from EY were interested in the idea of re-inventing the bank by using a combination of traditional banking services for all segments of the population, business types and latest technology solutions like blockchain and artificial intelligence to reduce costs, increase efficiency and profitability.
Advisors from EY have noted how competently bold and unconventional moves like document circulation on the blockchain and the system of remote verification of the user’s identity for interaction with commercial and governmental structures fit into the latest EU regulations.
The evolving financial market and changing requirements for EU regulations have driven the European regulators to be at the forefront of technological changes and regulatory requirements.
Partner at Swiss EY Daniel Haudenschild applauding the efforts of Polybius said:
“We are impressed by the consistency of the Polybius team and how successfully their ideas fit into the opportunities that are opening up against the background of the changes in the European legislation.”
Polybius Cryptobank, a project established by the Estonian company Polybius Foundation, is a payment institution offering classic banking services fueled by most modern technologies that meet the strictest requirements of European legislation.