UAE asset management and investment banking firm Shuaa Capital is set to roll out a new fintech platform, as it looks to tap into the underserved high-net-worth and ultra-high-net worth markets in the Middle East.
In a bourse filing on Monday, the company said the new digital offering aims to provide investors with a seamless and holistic digital wealth management experience.
To oversee its new fintech proposition, Shuaa has hired a former executive of payments firm Visa and tech giant Google, Hadi Raad, in the newly created role of chief digital officer.
According to a recent study by Knight Frank, the number of high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals in the region could grow by an average of 12 percent and 26 percent, respectively, by 2025.
“The millennial and HNWI and affluent investors are significantly underserved. Against this backdrop, Shuaa has identified a significant market opportunity to create a cutting-edge hybrid digital wealth platform that provides personalised curated management and advice,” the statement said.
New chief digital officer
Raad, the new chief digital officer, will be responsible for building and leading the new fintech platform, reporting directly to Jassim Alseddiqi, group CEO.
Raad has served as Visa’s vice president and regional head of digital solutions for Central Europe, Middle East and Africa.
He was formerly the head of products marketing for Google’s Emerging Arabia, and worked on market development of Google consumer products.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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