Digital & Technology

Standard Chartered and Old Mutual Launch Innovative Wealth Management Platform

Standard Chartered, through its innovation and fintech investment arm SC Ventures, has entered into a partnership with Old Mutual's venture building and investment division, NEXT176, to introduce a new wealth management platform.

This platform is designed to offer straightforward, cost-effective, AI-powered, and Shariah-compliant wealth management solutions to customers in the Middle East, Africa, and Southeast Asia.

This collaboration will bring together two initiatives: the SC Ventures-supported Autumn, a financial planning and wealth management application developed in Singapore, and 22seven, a budgeting and expense tracking application from South Africa, supported by NEXT176.

The combined effort, which is awaiting regulatory approval, is anticipated to be finalized in the second quarter of 2024.

Benito Mable, the venture and strategic partnerships lead at SC Ventures in the UAE, remarked on the region's growing prominence as a major hub for wealth management, highlighting the demand among diverse demographic groups for advanced, tailored wealth management solutions enhanced by continuous financial education.