Dubai-based FinTech business Neo Technologies has picked up backing from Deutsche Bank’s $700bn asset management arm DWS Group.
MENA-focused Neo operates a platform-as-a-service model for the financial services industry, which aims to allow financial institutions to rapidly introduce digital asset management solutions to their end clients.
The company says its white-label offering provides an integrated front, middle and back office built specifically for the MENA region, adapting to local languages and regulatory requirements.
DWS has agreed to take a 15 per cent stake in the company.
Neo’s team previously worked with minority backer NBK Capital to launch Kuwait’s first digital investment service – NBK Capital SmartWealth.
DWS board member Thorsten Michalik said, “By investing into this platform, we further underline our growth commitment into digitization and technology as communicated in the course of our IPO.
“Neo Technologies enables DWS to obtain further presence in a region with high growth rates in asset management.”
Neo founder and CEO Fahad Albader said, “Technology has greatly evolved investment management and redefined client engagement over the past few years.
“In the near future, platforms with specialized multi-tenant service providers will herald a new era of solutions for the financial services industry.”
NBK Capital’s CEO Faisal Al Hamad added, “As a minority investor in Neo, our objective was to obtain a first-to-market and as customized a solution as possible for our digital services.
“The team has delivered, and today NBK Capital SmartWealth is the core of our digital strategy for investment services at the National Bank of Kuwait.”
The deal is expected to close by the end of the year.
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