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Tue 6 Nov 2018 09:50 AM

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Deutsche Bank's DWS to acquire stake in Dubai-based fintech company

Dubai-based NEO Technologies has previously worked with Kuwait's NBK Capital

Deutsche Bank's DWS to acquire stake in Dubai-based fintech company
NEO Technologies provides technology and consultancy services to businesses developing digital asset management services.

Deutsche Bank’s asset manager, DWS Group has penned an agreement to acquire 15 percent of Dubai-based digital investment firm NEO Technologies, the companies announced.

NEO Technologies provides technology and consultancy services to businesses developing digital asset management services.

As part of the agreement, DWS – which had assets under management worth $789 million as of September 30 – will work together to develop and expand asset-management services digitally in the MENA region.

“By investing into this platform, we further underline our growth commitment into digitisation and technology as communicated in the course of our initial public offering,” said Thorsten Michaelik, co-head of DWS’ global coverage group. “NEO Technologies enables DWS to obtain further presence in a region with high growth rates in asset management.”

The financial terms of the deal were not disclosed.

NEO partnered with Kuwait’s NBK Capital to launch the country’s first digital investment service, NBK Capital SmartWealth.

The move comes as Dubai and a number of other Gulf cities – particularly Manama – work to establish themselves as regional fintech hubs.

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