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FE fundinfo acquires wealth management fintech Dericon

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UK-based financial data firm FE fundinfo has acquired German wealth management fintech Dericon, marking its seventh acquisition in over three years. This move aims to enhance FE fundinfo’s wealth management services and solidify its presence in the DACH markets.

The acquisition of Frankfurt-based wealthtech Dericon represents a significant step in FE fundinfo’s European expansion. Pending regulatory approval, this deal will provide FE fundinfo’s clients with direct access to one of Germany’s largest distribution networks for asset managers.

Dericon boasts an extensive distribution network for financial products, utilized by over 150 leading banks and global investment firms in their advisory processes. Its web-based Dericon WMS platform supports the compliant structuring of financial products, offering improved data provision and meeting increasing regulatory demands in Germany and the EU.

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This strategic investment also connects FE fundinfo’s asset management clients to Germany’s largest distribution network through the Sparkassen Group, a network of public banks serving 50 million customers. This move strengthens FE fundinfo’s role as a strategic partner for fund managers, facilitating the connection of investment product information to major distribution channels in Europe and the UK.

Dericon’s clients and partners will benefit from FE fundinfo’s stable, long-term shareholder base, which will support the further development and expansion of Dericon’s independent B2B securities platform.

FE fundinfo chief executive Liam Healy stated, “FE fundinfo is on a mission to further its position as a long-term strategic partner to the investment-management community. The team at Dericon has built a solid business, and through our partnership, we further bolster our commitment and capabilities in Germany by more clearly connecting investment-product information to distributors such as banks and savings banks for our mutual and future clients. For Germany’s 50 million individual investors, this will provide the best access to the broadest range of investment opportunities through Dericon’s transparent and competitively differentiated solution powered by FE fundinfo.”

Andreas Krause, founder and managing director at Dericon, added, “Dericon has built a reputation as a strong, innovative, and reliable digitalisation partner for our clients and partners, and through serving them, we’ve developed a deep understanding of the German distribution market. With FE fundinfo, we’re excited to grow our reach and bring our data and technical capabilities to the wider international financial industry.”

This acquisition is part of FE fundinfo’s ongoing growth strategy, with recent deals including the acquisition of fund distribution service Adjuto in September 2023 and French data provider Funds360 in February 2024.

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Source: bobsguide.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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