BNY Mellon (NYSE: ), a leader in financial technology, together with investment firm Lunate, have injected $300 million into Alpheya to develop an end-to-end digital platform tailored for asset managers and investment houses in MENA. This move aligns with broader efforts to establish Abu Dhabi as a central hub for finance. BNY Mellon's Chief Growth Officer Akash Shah pointed out their expertise as crucial in advancing portfolio management technology. As part of this collaboration, stakeholders expect Alpheya to simplify complex technological challenges faced by wealth managers and foster seamless integration with global providers. With this strategic partnership, the companies aim to reshape MENA’s wealth management scene and further details on Alpheya's operational framework are anticipated in the near future.

Source: The North Africa Journal November 27, 2023 10:28 UTC