|23 February, 2020

Monaco fintech firm Privatam mulls expansion in Dubai

In the four years after the technology was created, more than $8 billion in structured products had been traded on the Parity platform

Image used for illustrative purpose. Business innovation and technology concept.

Image used for illustrative purpose. Business innovation and technology concept.

Getty Images/Photographer is my life.

Monaco-based financial technology company Privatam is training its sights on Dubai for expansion with the launch of its new digital investment platform, Parity 4.0.

Privatam, which creates bespoke financial products for asset managers and private bankers provides services in more than ten countries including Latin America and Asia. 

“We really see Dubai as a very important hub in the wealth management area. So, it is very important for us to come to Dubai and share our technology,” Stanislas Perromat, founding partner at Privatam told Zawya at the launch of the company’s digital investment platform Parity 4.0 in Dubai.

Parity allows wealth managers to set risk/return parameters, compare returns from major investment banks on the same product in less than a minute, purchase the choices with the highest yields, and aggregate the products on a dashboard for 24/7 monitoring.

The sophistication of MENA financial markets and Dubai’s importance as a regional financial and commercial hub prompted Privatam to consider a  regional presence in the UAE, Perromat said.

Currently, Perromat is talking to several asset managers and private bankers to scale up Privatam’s business in the region. 

“The whole aim when we built Parity was to save people time and to get them accurate information. So, we only had to look at what our clients were spending all their time on,” Steven Price, partner and CIO at Privatam told Zawya.

“They were spending all their time reading emails each day, they were spending their time looking at spreadsheets each day, they were having to contact 10 different issuers and maybe one issuer will get back to them. These drove the initial requirements of what we do,” Price said.

In 2019, the online platform’s turnover reached 1.5 billion dollars. In the four years after the technology was created, more than $8 billion in structured products had been traded on the Parity platform.

(Reporting by Gerard Aoun; editing by Seban Scaria)

(Gerard.Aoun@refinitiv.om)

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© ZAWYA 2020

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