UAE: Singapore-based FinTech firm opens office in DIFC
Source: Middle East Insurance Review | Dec 2018
Singapore-based digital wealth services and robo-advisory firm WeInvest has opened its office in the DIFC to serve the Middle East market.
WeInvest, a digital wealth platform-as-a-service provider for banks, wealth and asset managers, insurers and independent financial advisors, empowers relationship managers of banks to service their clients better and gives the investor the competitive advantage to understand investment options more easily.
The company was selected as one of the 11 finalists for the first edition of FinTech Hive, part of DIFC’s accelerator programme launched in August 2017. The accelerator programme provides a platform for the world’s most innovative start-ups the opportunity to test, develop and adapt their solutions to meet the evolving needs of the Middle East region’s financial services and insurance industries. WeInvest was chosen to undergo a 12-week programme under the guidance and mentorship of the leading financial institutions and insurers from the Middle East and across the globe.
Announcing the expansion news, Mr Bhaskar Prabhakara, CEO and co-founder, WeInvest said, “The expansion into the UAE is timely with the region opening up to more business opportunities. Furthermore, in the realm of wealth management, we believe robo-advisory solutions for the financial institutions will serve the wealth market with due diligence.
“UAE is currently witnessing a digital revolution across industries be it FinTech, e-commerce, MedTech. Financial institutions in the UAE today recognise the significance of disruptive solutions, and are innovating at a great speed. Their consumers, on the other hand, are digitally savvy and are ready for customised, personalised investment solutions that can cater to this emerging affluent market. We believe this is one of the main reasons for the fast growing pace of the wealth market in UAE.”
According to DIFC Wealth & Asset Management report 2017, the GCC is expected to have an asset under management (AUM) of approximately $100bn by 2020, with UAE contributing around 20% to the market. M