UAE based Fintech start-up, NewBridge Fintech Solutions LLC, has partnered with Meteor Asset Management Limited, a UK based Asset Management Company, to provide a deposit marketplace to Global Corporates, Institutional Clients and Family Offices.
The Bank’s Treasury uses the platform as a free distribution channel to raise wholesale funding from global depositors. Sid Bhandari, Founder /CEO of NewBridge said “We will help Banks reduce their Cost of Funds and diversify their customer base by bringing new clients outside the existing coverage area. Clients such as financial institutions, corporates and family offices will use the platform to discover best rates and facilitate the transaction through one central custodian account with Meteor Asset Management, doing away with the need for onboarding with multiple banks.”
The company said it would look to expand its product to new markets over the next 12 months by hiring a team of business developers. They are also planning to develop a ‘B2B’ version of the platform which will allow Banks /Asset Managers to provide 3rd party saving products to their own customers through a white-labeled solution.