Deutsche Bank’s asset management arm DWS Group is expanding into Dubai’s FinTech scene with an agreement to purchase a 15 per cent stake in Neo Technologies, a digital asset technology and consultancy firm.
DWS announced the strategic partnership with Neo Technologies as the FinTech, based in Dubai’s International Financial Centre, looks to expand its digital investment platform services across the Gulf region.
Neo Technologies operates a platform-as-a-service model which allows financial institutions to introduce digital asset management solutions to their clients adapted to local languages and regulatory requirements.
The deal will see DWS acquire a 15 per cent equity stake and includes agreement for DWS and Neo Technologies to collaborate on the development and expansion of digital asset management services across the MENA region. The value of the transaction was not disclosed.
Thorsten Michalik, co-head of DWS’ Global Coverage Group, 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 Technologies previously partnered with NBK Capital to launch Kuwait’s first digital investment service, NBK Capital SmartWealth.
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