European Depositary Bank (EDB), the Luxembourg headquartered provider of banking, depositary and custody solutions, has been appointed by Aarna Capital Limited to deliver Digital Banking solutions.
Aarna Capital is a multi-asset brokerage firm, operating from Abu Dhabi Global Markets (ADGM) and offering customers access to futures, options, FX, Bullion, equities, CFDs and fixed income products.
Apex Group’s Digital Banking services, delivered by subsidiary EDB, provide a cloud-based, API-integrated solution for institutional clients including Asset Managers and SPVs, Family Offices, Corporates, Trusts and UHNWIs. Clients such as Aarna Capital can 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 is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with €180.9bn Assets under Depositary and €24.2bn Assets under Custody (as of June 30th, 2023).
Today’s announcement is the latest in a series of client wins for EDB, including appointment by Arab Bank for digital bank accounts. Further, EDB has continued to strengthen its senior team in the first half of 2023 with the appointments of David Claus as CEO of EDB, and of Cecilia Gejke, Robert Steele and Jean-François Thils as Members of the Executive Management Board, and Gilda B. Neiman as a Member of the Board of Directors.
Ankit Shah, Global Head of Product – Digital Banking, EDB explained: “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.
“In 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.”
Souvik Sen (pictured), Vice President – Business Development Middle East at Apex Group said: “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.”