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ASX invests in GROW Inc

ASX has acquired a minority stake in fast-growing superannuation administrator GROW Inc.

In a statement, the exchange said the investment aligns closely with ASX's strategy to drive efficiency in financial services using distributed ledger technology (DLT).

"Grow's platform uses DLT and they have recently signed with some important new customers who can also see the benefits of this technology," the ASX said.

"We are impressed by GROW and they have an excellent management team. ASX continues to work with various fintechs across several sectors where we believe DLT can bring efficiency and cost savings to the industry."

The ASX did not disclose the amount it paid for the investment or its percentage holding.

GROW started out as a superannuation fund but pivoted to providing infrastructure to other superannuation funds.

In April, it was appointed as the fund administrator for Vanguard's foray into superannuation in Australia.

ASX is currently replacing legacy CHESS systems with a blockchain solution slated for a go live of April 2023, after a two-year delay.

Read more: ASXGROW IncVanguard