The ARCHIV3 project, created by the Private Banking division of Bank Pekao S.A., won the Financial Times & PWM Wealth Tech Awards in the category of Best Digital Innovator of the Year in Central and Eastern Europe. An international panel of experts appreciated the innovative use of technology to protect cultural heritage for future generations.
"The idea of digitizing artworks using blockchain technology and the concept of NFTs has been discussed by many banks, so we are pleased that such ideas are starting to be translated into concrete actions. The judging panel believes that banks can play a much more significant role in culture and society by protecting cultural heritage, investing in social goals, and educating future generations through innovative use of technology," said Yuri Bender, Editor-in-Chief of PWM.
The Financial Times and PWM Wealth Tech Awards recognize technological innovations in the Wealth Management industry. Evaluations are made by experts in wealth management, technology, and finance. The aim of the competition is to promote the development of new and innovative technological solutions that can benefit both clients and the entire industry.
"This award confirms that our commitment to technological innovation and our mission to digitize artworks is recognized, appreciated, and fits well within the area of interest of clients investing alternatively," said Michał Walęczak, Director of the Private Banking Center at Bank Pekao S.A.
The goal of Bank Pekao's ARCHIV3 project is to secure national heritage for future generations. To achieve this, the bank has tokenized ten masterpieces it owns and scanned them using the so-called museum reproduction method, then archived them in the Arctic World Archive, known as the Library of the End of the World. This is where the world's most valuable cultural and intellectual achievements are stored. Thanks to the use of the latest technologies, the bank has secured works by Polish artists: Jan Matejko, Stanisław Wyspiański, Wojciech Kossak, Julian Fałat, Zygmunt Waliszewski, Tadeusz Dominik, and contemporary artist Lia Kimura.
All the paintings scanned and physically archived in the Arctic World Archive have also been secured online.
* https://www.pekao.com.pl/archiv3
* https://wealthtechawards.pwmnet.com/home
Bank Pekao S.A., founded in 1929, is one of the largest financial institutions in the CEE region and the second largest universal bank in Poland, with assets of PLN 333 billion. The bank has the second largest branch network in the country. It is a leader in corporate banking, serving every second among largest corporates in Poland. Pekao holds a prominent position in the market for asset management, brokerage services, and private banking. The diversified business profile of Bank Pekao is supported by a market-leading balance sheet and risk profile, reflected in the lowest risk costs, strong capital ratios, and resilience to macroeconomic conditions (Pekao is the most resilient bank in Europe, taking first place in the stress tests conducted by the EBA in 2023 among 70 banks). Since 1998, Bank Pekao has been listed on the Warsaw Stock Exchange and has been a member of several local indices (including WIG 20 and WIG) as well as international indices (including MSCI EM, Stoxx Europe 600, and FTSE Developed). Pekao is among top dividend-paying companies listed in Warsaw, with a total shareholder pay-out of nearly PLN 20bn over the past 10 years.
