AIBC

Abu Dhabi cutting-edge wealth fintech launched with over $50 billion assets

Posted:Nov 27, 2023 18:04 Category: AI , Blockchain , Posted by
Lea Hogg

Lunate and BNY Mellon have formed a strategic partnership to launch Alpheya, a cutting-edge wealth tech firm in Abu Dhabi.

Recognised as an alternative investment management company, Lunate boasting assets exceeding US$50 billion, has joined forces with BNY Mellon, a leading global custodian, to launch Alpheya—a pioneering financial technology firm set to revolutionize wealth management in the Middle East and North Africa (MENA) region.

Alpheya operations go live in 2024

Headquartered in the Abu Dhabi Global Market (ADGM), Alpheya is backed by an initial capital commitment of $300 million, with BNY Mellon securing a minority share in this ambitious venture, scheduled to commence operations in 2024.

Alpheya aims to address the increasing demand in the Middle East from wealth and asset managers, private banks, and investment houses seeking an end-to-end digital solution. The platform promises a comprehensive suite of services, including client onboarding, financial planning, portfolio construction, trading and rebalancing, risk management reporting, and analytics. Its design incorporates cutting-edge security and data architecture to meet the data privacy and localization requirements specific to each market in the region.

Leverage of local industry

Seif Fikry, Managing Partner at Lunate, expressed optimism about the collaboration, stating, “We look forward to leveraging our local industry and investment expertise with BNY Mellon’s long history in wealth technology solutions to help wealth managers in the Middle East meet the evolving needs of their clients.” Fikry emphasized that beyond transforming wealth capabilities for financial institutions across MENA, the initiative would bolster Abu Dhabi’s stature as a global hub for wealth and asset management.

Alpheya’s platform, constructed on open and modular architecture, is poised to provide digital tools and solutions, empowering clients to navigate the complexities of managing technology and diverse investment vehicles. This approach allows wealth managers to redirect their focus towards client engagement and business expansion.

Wealth technology solutions

Roger Rouhana, CEO of Alpheya, (in photo above), described the necessity for a tailored wealth technology solution in the MENA region, saying, “The creation of a wealth technology solution that provides digital tools and software solutions in one integrated platform and is customized for the Middle East will greatly enhance the ability of regional wealth managers to grow in a scalable and client-centric way.” With wealth franchises grappling with intricate technology landscapes and an array of investment options, Alpheya’s platform promises to streamline operations and elevate the growth potential of regional wealth managers.

 

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