DWS Group participates in digital investment platform
Head of Global Coverage Group (responsible for sales) and Board Member Thorsten Michalik said: "By investing in this platform, we underline our growth commitment to digitization and technology. Neo Technologies enables DWS to further establish itself in a region with high growth rates in asset management. "
Details of the merger
Neo Technologies has a platform-to-service model for the financial services industry that enables financial institutions to quickly roll out digital asset management solutions for their clients. As a white-label solution, Neo Technologies provides an integrated front, middle, and back office specifically designed for the MENA region that adapts to local languages and regulatory requirements. By working with partner platforms, brokers and specialized consultants, Neo Technologies customers can use the services and products offered more efficiently. Furthermore, financial institutions can focus on improving customer relationships through the Neo Technologies platform. The Neo team, in partnership with NBK Capital, has launched Kuwait's first digital investment service: NBK Capital SmartWealth.
CEO and founder of Neo Technologies, Fahad Albader, also commented:
"Technology has greatly enhanced investment management in recent years and redefined customer engagement. In the near future, platforms with specialized multi-tenant service providers will usher in a new era of solutions for the financial services industry. That's why we at Neo Technologies look forward to a successful collaboration and future with DWS. "
NBK Capital CEO Faisal Al Hamad added, "As a minority shareholder in Neo, our goal was to provide a near-to-market and tailor-made solution for our digital services. The team has delivered and today NBK Capital SmartWealth is the core of our digital strategy for investment services at the National Bank of Kuwait. As a customer of the Neo platform, we welcome DWS as a strategic partner and look forward to benefiting from the product and service improvements. "
With the anticipated acceleration of digitization, regulatory oversight, and relocation of customer data in the MENA asset management industry, companies need to adopt new distribution models. These models include a modern technology infrastructure and specialized services such as investment and risk consulting. The Neo Technologies platform provides a proven, regionally compatible solution for companies seeking technology to shape their business models for the future.
The parties agreed to keep the price of the transaction and other financial details secret. The transaction is expected to close in late 2018.
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