Credit Suisse Partners with Singapore based Fintech Firm Mesitis

Credit Suisse has announced, “enhancements” to its digital private banking platform in Asia by partnering with Fintech company Mesitis Pte Ltd to provide its clients the ability to access “Canopy”, an automated account aggregation platform and reporting solution through Credit Suisse’s digital private banking platform.
Mesitis will enable the bank’s Singapore-domiciled clients who have accounts with Credit Suisse’s Singapore Branch to participate in a pilot program to gain access to Canopy that allows access to bankable and non-bankable assets across different geographies and asset classes. Canopy also provides sophisticated analytics and insights, helping clients to better grow and manage their aggregated wealth.

Francesco de Ferrari, Credit Suisse’s Head of Private Banking Asia Pacific and CEO Southeast Asia and Frontier Markets, said that Credit Suisse was committed to being at the forefront of digitization in the private banking sector.

“Many of our high-net-worth and ultra-high-net-worth clients have indicated they would like to have a single portfolio view available in one place, and to be able to plan, analyze and track their wealth across multiple institutions and asset classes. In response to this trend and our desire to place the client experience at the heart of everything we do, we continuously look to bring the most innovative technology solutions to serve our clients. Our collaboration with Mesitis is an important milestone whereby we aim to extend our existing digital private banking service offering through more comprehensive solutions and services for our clients.”

Tanmai Sharma, founder and Chief Executive Officer of Mesitis said Canopy has been years in the making, solving the too much data not enough information issue.

“This problem is particularly acute for private banking clients due to multiple custodians, complex products and a general lack of electronic data feeds, making such analysis an error prone manual task,” said Sharma. “By largely automating the aggregation process and adding deep analytics, we help the bank’s clients get an overall picture of their wealth, the risks they are running and do ‘what if’ analyses. Canopy also helps Relationship Managers analyze client portfolios, irrespective of the amount of complexity, and rapidly narrow down on what is performing, and what is not, in a matter of minutes.”

Credit Suisse set up its first Innovation Hub in Singapore in 2014, where a development team alongside several technology companies worked together to develop the initial prototype of the bank’s global digital private banking solution that was first launched in Singapore in March 2015.