UnaFinancial, a digital financial services provider headquartered in Singapore, has partnered with London-based wealth technology firm Velexa, with the aim of launching a digital investing platform in the United Arab Emirates.
Velexa's investing platform will become the backbone system for UnaFinancial’s digital service. Its key functionalities include an application programming interface (API) connection to exchange venues, external brokers, and financial service providers, as well as automated trade execution.
The platform will enable UnaFinancial’s clients to acquire and trade multiple asset classes like equities, forex, bonds, commodities and derivatives.
“The UAE is ranked first among fintech centres worldwide in terms of innovation, market size, and development potential. It has a favourable regulatory environment for start-ups and a high level of digitalization with smartphone and internet penetration of 97% and 99%, respectively,” says UnaFinancial chief executive officer Natalia Ishchenko. “The technological solution offered by Velexa perfectly aligns with our vision of the future product.”
Velexa CEO Tamara Kostova adds: “We recognize the immense potential for growth and innovation in the UAE's dynamic financial market. Together, we will reshape the future of the financial services industry in UAE, making it more accessible and user-friendly for people from all walks of life.”
The investing platform will initially focus on enabling investment options and tools covering US equities and exchange-traded funds as well as FX trading for both novice and experienced investors.
Founded in 2015, UnaFinancial provides digital financial solutions in the Middle East, Asia and Europe, using artificial intelligence, machine learning and data-driven technologies and processes. It boasts a net profit of US$13.1 million for 2022 on a revenue of US$139.1 million.
Velexa delivers a full front-to-back investing platform, ranging from brandable front-end solutions to market connectivity and trade execution. It is listed among the world’s 100 most innovative wealthtech companies by Fintech Global (2022 and 2023).
