This partnership looks to explore technology solutions to support the modernization of the real estate trust account process.
Jack Wong, CEO, Real Estate Foundation of BC said:
“The real estate industry is evolving at an ever-increasing pace and the processes for managing trust accounts haven’t kept up. Through this partnership, we look forward to exploring how we might modernize trust accounts and adopt new financial technologies to help our foundation thrive: simplified transaction processes, less time and paper, and the highest standards of accountability."
Working together, Platform Calgary, AREF, and REFBC will host workshops with real estate professionals in Alberta and British Columbia to understand challenges within the trust account process and how new approaches might support the industry. Partners include real estate brokers, financial institutions, government, post-secondaries, and real estate foundations. Future phases will see Platform Calgary leverage its experience with technology startups to establish a startup accelerator and incubator program. This accelerator and incubator will feature programming that prepares startups to address opportunities identified by industry partners.
Cheryl DePaoli, Executive Director of AREF said:
“In partnering with Platform Calgary, there is an opportunity to show leadership by using technology to improve the industry. We see opportunities to improve workflows, tighten up compliance documentation, and reduce banking fees. Ultimately, we aim to increase interest revenue to the foundations to support the public good. We look forward to increased collaboration with financial institutions and diverse industry partners through this process.”
Platform Calgary has a history of incubating and growing startups, with programs like Junction and industry partnerships with TELUS. Over the past three years, over 85 companies have gone through these programs, creating new jobs and millions of dollars of economic growth in the province.
SOURCE Alberta Real Estate Foundation
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