Phil Shelley, ex-Goldman banker and founder of Arlington Capital Markets Ltd has been appointed Chairman of the Board of ALT/AVE (www.altave.co.uk), a new, London-based Regtech startup that uses Distributed Ledger Technology to help combat the underreported paper waste problem faced by financial institutions by offering a secure and sustainable digital solution for distributing highly regulated documents to their customers.
Phil has more than 23 years of experience working in the investment banking industry and is currently Chairman of WH Ireland, a financial services and wealth management company, which, following his appointment in October 2019, has moved from losing £10m in 2018/2019 to now being profitable. Phil has also been Vice Chairman at Barclays Investment Bank and Head of UK Corporate Broking and ECM at Goldman Sachs International.
ALT/AVE uses Distributed Ledger Technology to provide financial institutions with a durable medium to send regulated documents to their customers. ALT/AVE enables banks and other financial institutions to meet the strict regulatory requirements set out by the Financial Conduct Authority (https://www.handbook.fca.org.uk/handbook/BCOBS/4.pdf) on how these documents must be distributed without relying on paper. The financial services sector is currently estimated to distribute 5.2bn pieces of paper at a cost of £1.7bn a year, equivalent to 2.4 million trees.
“We are extremely excited to have Phil join the ALT/AVE team as chairman of the board,” says Chris Ansara, founder & CEO of ALT/AVE. “His impressive background and breadth of industry experience will play a crucial role in enabling the company to reach its next level of success. As we take on the challenge of digitising what has long been a manual and outdated process of financial institutions sending paper documents to banking customers, Phil’s role as chairman opens up new avenues of opportunity and marks a significant moment in the history of our organisation.”
“I am delighted to be joining ALT/AVE at this exciting time,” says Phil Shelley. “The team has created a product which clearly meets a pressing need for the financial services sector. It combines regulatory compliance with high levels of security and improved customer experience whilst reducing paper usage. There is much to do but the work our team has already done means we can look forward to an exciting future.”