NEXT176 and SC Ventures collaborate to offer a financial wealth platform.

In order to launch a financial wellness platform, Standard Chartered's investment projects division, SC projects, has teamed up with NEXT176, the building and investing arm of Pan-African financial services giant Old Mutual.

Madilyn Swift

April 05, 2024

1Min Read

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Wealth

The merger will unite Autumn, a Singapore-based wealth planning software sponsored by SC Ventures, and 22seven, a South African budget management and tracking app financed by NEXT176.

The new platform was created with financial inclusion as its top priority, aiming to provide the Middle East and Africa with easy-to-use, reasonably priced AI-driven wealth management products. The UAE is anticipated to be the app's headquarters.

Benito Mable, venture and strategic partnerships lead at SC Ventures in the United Arab Emirates, said:"The Middle East and the United Arab Emirates are quickly becoming one of the world's top wealth management destinations. Whether it's the high net worth population, Millennials, or Gen Z, there is a need for highly customized, technologically advanced wealth management tools that are backed by continuous financial education." According to BCG, the Middle East's assets under management (AUM) increased 16% to US$1.2 trillion in 2022. The UAE is the ideal market for our base because the region is predicted to continue growing and rank as the fourth-largest wealth hub in the globe.

Q2 2024 is when the merger is anticipated to close.

"At SC Ventures, we strongly believe in improving access to financial services through a combination of literacy and digital-first platforms," said Alex Manson, the leader of the firm. This collaboration will help rewire the DNA of banking and financial services in our communities and is a great example. We discovered a key partner with NEXT176 who shares our goal of democratizing wealth management. We are excited about a significant project that will empower our customers to take charge of their financial destiny.