Standard Chartered’s investment arm, SC Ventures, has partnered with the building and investment division of Pan-African financial services group Old Mutual, NEXT176, to launch a financial wellness platform.
This initiative will integrate SC Ventures-backed Autumn, a wealth planning app based in Singapore, and 22seven, a NEXT176-backed budgeting and tracking app from South Africa.
The new platform aims to prioritize financial inclusion by offering accessible, AI-driven wealth management solutions to the Middle East and Africa. It is expected to be based in the UAE.
Benito Mable, the head of venture and strategic partnerships at SC Ventures in the UAE, emphasized the region’s growing prominence in wealth management. He noted that demand is rising for sophisticated, technology-driven, and customizable wealth management tools among high-net-worth individuals, Millennials, and Gen Z. According to BCG, assets under management (AUM) in the Middle East increased by 16% to reach US$1.2 trillion in 2022, with further growth anticipated, solidifying the UAE’s position as a leading wealth management market.
The merger is projected to be finalized in Q2 2024.
Alex Manson, the leader of SC Ventures, remarked on the importance of improving access to financial services through financial literacy and digital-first platforms. He expressed optimism about the partnership with NEXT176, highlighting a shared vision to democratize wealth management and help clients take charge of their financial futures.