• Two Fintech’s move to next stage in PIMFA WealthTech and Morningstar ESG ‘Tech Sprint’ following competitive process

PIMFA WealthTech, the market network and technology platform created with principal strategic partner Morningstar, a leading provider of independent investment insights, has today (26 April  2024) announced the Fintechs’ that have been selected to present their solutions for its latest ‘Tech Sprint’ focused on Environmental, Social and Governance (ESG) reporting, verification and disclosure processes in the sustainable finance sector.

The Fintech’s - Instinct Digital and Know Your Funds - were selected through a competitive process from a total of seven Fintech participants following demonstrations on how their technology could help wealth managers and advisers to navigate the huge amount of ESG data that exists in order to better serve their clients as well as fulfilling regulatory reporting requir­ements.

Instinct Digital is a provider of digital reporting solutions for asset managers designed to help them to unify their nreporting assets, digitise communications, and optimise reporting operations

Know Your Funds is a provider of a solution designed for the investment community with clients that already include are asset owners, asset managers and depositary service providers.

The two companies will now go forward to the Morningstar Investment Conference, which takes place in London on 1 May 2024, where they will be able to showcase their solutions to wealth managers, advisers and other interested stakeholders.

ESG and sustainable finance are a priority area of focus not only for wealth managers and advice firms, but also the Financial Conduct Authority (FCA). PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, is taking a leading role in supporting the development of new guidance in partnership with the FCA to ensure the information provided to consumers is clear and consistent, and so as to eradicate, where possible, the detrimental impact of the phenomenon known as ‘greenwashing’.

PIMFA WealthTech has been created to address digital business transformation through the development and adoption of market-leading technologies. As a digital marketplace and industry network. PIMFA WealthTech’s objective is to drive innovation and enhance collaboration between Fintechs and wealth management and advice firms, operating an Advisory Council of leading wealth management and financial advice practitioners that cover all segments of the sector.

Richard Adler, Executive Director of PIMFA WealthTech, commented: “ESG and Sustainable Finance is a top priority for PIMFA members, with the recent FCA sustainability disclosure requirements and investment labels policy a key step for increasing trust in sustainable investments.

“The role technology can play in helping our members meet new requirements and serve their clients better has the potential to be enormous. We’re delighted to be working with Morningstar on this important Tech Sprint and are looking forward to both Know Your Funds and Instinct Design demonstrating the solutions they can offer at Morningstar’s Investment Conference next week.”

Anastasia Georgiou, Director of Client Solutions, Adviser Segment, EMEA, Morningstar, commented: “We are proud to continue our longstanding strategic partnership with PIMFA WealthTech to showcase new technology solutions from Fintechs to the Wealth sector.

“Today, firms need to generate insights and ideas for sustainable investments and position new offerings in the market. This includes identifying innovative ways to address the challenge of harnessing the vast amount of data available, which is needed to provide accurate reporting and disclosures. Along with PIMFA, Morningstar is proud to help promote new solutions to help firms identify ESG risks and create new opportunities for clients.”