Aarna Capital taps Apex Group’s EDB’s Digital Banking to streamline multi-asset brokerage operations
“In EDB, we have a platform that offers exceptional digital functionality with multi-currency accounts, 24/7 access, and immediate withdrawal facilities. In particular, their multi-currency cash sweep module enables us to effortlessly optimize our cash management, automating time deposits across leading counterparties. We have been impressed by the speed and ease of account opening through EDB’s onboarding portal, with the support and advice of their expert team.”
Aarna Capital, a multi-asset brokerage firm operating from Abu Dhabi’s ADGM and offering customers access to futures, options, FX, Bullion, equities, CFDs, and fixed-income products, has tapped Apex Group’s EDB’s digital banking solutions.
EDB stands for European Depositary Bank, a Luxembourg-headquartered provider of banking, depositary, and custody solutions founded in 1973 and acquired in 2017 by Apex Group, the renowned fintech provider.
In August 2022, EDB launched its institutional banking solution.
Multi-currency accounts, 24/7 access, and immediate withdrawal facilities
Apex Group’s Digital Banking services, delivered by subsidiary EDB, provide an agile and responsive cloud-based, API-integrated solution for institutional clients including Asset Managers and SPVs, Family Offices, Corporates, Trusts, and UHNWIs. The solution addresses the common challenges and pain points experienced by institutional banking customers by providing an expanded functionality and range of services including:
- Quick and easy onboarding and bank account opening;
- Account visibility and transparency via accessible dashboard;
- Two-factor authentication to enhance security for all clients;
- Custom payment approval processes including multiple approval levels and limits;
- Multi-Currency account including cash balances in 18 major currencies, ability to transact spot FX and ability make external payments in 33 currencies; and
- Flexible real-time payments in multiple currencies using preferred payment scheme such as SWIFT, SEPA, ACH or Faster Payments;
Automated money market fund sweeps in three main currencies to enable clients to improve investment returns.
Clients such as Aarna Capital can simply and efficiently open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements, and cash management through automated money market sweeps from a single online dashboard.
EDB’s Digital Banking offering leverages proprietary technology and partnerships with leading FinTech providers to address the common challenges and points of friction experienced by institutional banking customers by providing an expanded functionality and range of services.
“We have been impressed”
Ankit Shah, Global Head of Product – Digital Banking, EDB said: “Upheaval in the global banking sector in 2023 has reduced risk appetite, with increased regulation making the provision of banking services to financial institutions more complex and burdensome for non-specialist providers. As a result, funds, brokers, and financial institutions are finding it more challenging to open bank accounts and efficiently operate their day-to-day banking operations. The rising interest rate environment means that people with large cash balances and client monies are seeking a banking partner who can provide competitive interest rates, immediate access, and the institutional-level banking functionality required to navigate a rapidly changing and evolving regulatory and macroeconomic environment.”
Dima Nedvetsky, Senior Executive Officer, Aarna Capital, commented: “In EDB, we have a platform that offers exceptional digital functionality with multi-currency accounts, 24/7 access, and immediate withdrawal facilities. In particular, their multi-currency cash sweep module enables us to effortlessly optimize our cash management, automating time deposits across leading counterparties. We have been impressed by the speed and ease of account opening through EDB’s onboarding portal, with the support and advice of their expert team.”
Souvik Sen, Vice President – Business Development Middle East at Apex Group, stated: “In market conditions where traditional banks are retrenching their services for institutional clients, EDB continues to offer a compelling digital banking solution for funds and financial institutions in the UAE and beyond. We are proud to be supporting Aarna Capital with our digital banking services, as we continue to build the most innovative solutions in the market for the investment community.”
