Africa: Standard Chartered, Old Mutual Fintech Arms to Launch UAE Wealth Management Platform

4 April 2024
Daily Maverick (Johannesburg)
By Neesa Moodley

The new wealth platform will be headquartered in the UAE, the Middle East's financial hub, providing access to advanced budgeting, savings and investment solutions for users in the Middle East, Africa and southeast Asia regions.

Standard Chartered and Old Mutual's innovation, fintech investment and ventures arms - SC Ventures and NEXT176 - are joining forces to launch a wealth management platform for clients in the UAE, Middle East and Africa.

The strategic partnership will merge two ventures: SC Ventures-backed Autumn, a financial goals and wealth planning app that was incubated in Singapore; and NEXT176-backed 22seven, a budget aggregation and tracking app based in South Africa.

"The UAE and the Middle East are emerging as one of the leading destinations for wealth management globally -- whether it's high-net-worth income population, millennials, or Gen Z -- there is demand for technologically advanced and highly customised wealth management tools supported by ongoing financial education," said Benito Mable, venture and strategic partnerships lead based in the UAE, SC Ventures.

"The assets under management in the Middle East rose 16% to $1.2-trillion in 2022, according to BCG. The region is expected to grow further and remain the fourth-largest wealth hub in the world, making UAE a perfect market for our base."

The new wealth platform will be headquartered in the UAE, the Middle East's financial hub, providing access to advanced budgeting, savings and investment solutions for users in...

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