UnaFinancial, a Singapore-headquartered Fintech group (previously known as Robocash), has teamed up with Velexa, a UK-based wealthtech firm, in order to introduce a digital investing platform in the UAE.
UnaFinancial and Velexa revealed that the collaboration aims to leverage Velexa’s expertise in investment tech and UnaFinancial’s experience in the financial services sector to provide more accessible investment options.
As reported by local sources, UnaFinancial has been doing business in the region since 2015, offering various financial services in the Asia Pacific area as well as European markets.
With Velexa, the group plans to support an international financial platform that serves UAE clients. The platform will provide a frictionless online investing experience to different client segments.
As noted by its management, Velexa’s investing platform may serve as the core system of record that underpins UnaFinancial’s all-digital services.
The tech solution has been updated to address different requirements of UnaFinancial.
Core functionalities reportedly include API powered connections to exchange platforms, various brokers, as well as financial services providers, along with an automated trade execution process.
The platform may support UnaFinancial’s customers with trading different asset classes such as equities, FX, bonds, commodities as well as derivatives.
Natalia Ishchenko, Chief Executive Officer of UnaFinancial, remarked:
“The UAE is ranked first among fintech centers worldwide in terms of innovation, market size, and development potential.”
She added that the company operates in a progressive regulatory space for startups along with a great level of digitalization with the mobile phone and Internet penetration of over 95% and 99 %, respectively.
She also mentioned that they are pleased “to be part of UAE digital development and hope to contribute to the local fintech landscape.”
She added that the tech solution provided by Velexa aligns with the company’s vision of the future product.
As stated in the announcement, the first stage of the investing platform launch is expected to support various investment options and digital tools covering US equities and exchange-traded-funds (ETFs) along with foreign exchange trading.
In addition to these update, Velexa will be integrating with the front-end app of UnaFinancial via an API integration solution.
Tamara Kostova, Chief Executive Officer of Velexa.
“Together, we will reshape the future of the financial services industry in UAE, making it more accessible and user-friendly for people from all walks of life, Powered by Velexa, UnaFinancial’s clients will be able to seamlessly join the world of investing across different financial assets around the globe.”
UnaFinancial is a group of firms focused on creating digital financial solutions in the Middle East, Asia as well as European markets.
Velexa is a wealthtech firm that aims to democratize the wealth management sector. Based in London, the company maintains business operaitons in Southeast Asia, Europe and United Arab Emirates.