The latest technology news in the wealth management sector from around the world.

ReachX, Studio Graphene
ReachX – a platform offering deal management tools, investor matchmaking data and business advisory services to scaleups – announced a new partnership this week with digital product company Studio Graphene, to offer digital transformation and AI development for private equity firms.

The partnership will enable ReachX to expand its range of services by incorporating digital product design, engineering and development capabilities for its tech scaleup clients, including the creation of digital product strategies, and comprehensive design processes spanning visual identity, UX, and UI designs, the firm said in a statement. 

The two companies also agreed to pursue opportunities in the development of AI solutions and digital products to drive innovation to increase efficiencies in the private equity market.

Based in London, with additional studios located in Delhi, Lisbon, and Geneva, Studio Graphene has a global presence. The company specialises in collaborating with startups, scaleups, and ambitious global brands – including Huckletree, Coca-Cola, OrderPay and Mars – to deliver transformational digital products. Studio Graphene said it has also developed proprietary assets to assist clients wishing to leverage the internet of things (IoT) and AI capabilities to reduce time to market and delivery costs.

Founded in 2018, ReachX said it has helped companies source leading financial advisors and experts to create an easier, more transparent approach to finding the right resources and funding for scaling businesses. ReachX, which is also based in London and is active across EMEA, started working with US clients this year.

“Partnering with Studio Graphene will allow us to offer a full 360 service to our clients and users, from connecting with investors and business advisors, right through to digital product design and development,” Rafael Lajeunesse, founder and CEO of ReachX, said.

“As the needs of rapidly-scaling businesses change so quickly, our range of expanding services will ensure our clients can find everything they need, all in one place on the ReachX platform. We are also excited to develop new products and leverage AI technologies to offer a differentiated service to our clients,” he continued.

“We are passionate about using our expertise to partner with tech start-ups and ambitious businesses on leveraging technology to deliver on their innovation roadmap. Through our strategic alliance with ReachX, we believe we will be empowered to assist a number of scaling businesses in capitalising on emerging technologies, including AI to maintain their competitive edge,” Ritam Gandhi, founder of Studio Graphene, said.
 

Fenergo
Fenergo, the Ireland-based regtech firm which provides digital know your customer and client lifecycle management solutions, has launched an offering for fintechs, called KYC & Transaction Compliance. The solution will debut in Asia-Pacific and for banking institutions later this year. 

Separately, the European firm, owned by private equity firms Astorg and Bridgepoint, said Finnish cryptocurrency service provider Coinmotion has used its Transaction Monitoring service to streamline processes for anti-money laundering compliance. 

On its KYC & Transaction Compliance offering, Fenergo said it provides fintechs with a single, integrated software-as-a-service solution that monitors customer profiles and detects suspicious transaction activities, including money laundering and terrorist financing, in real time. 

Its insights can trigger events such as Enhanced Due Diligence checks, prompt a KYC data refresh, or adjust risk ratings based on the outcome of true positive alerts, ensuring customer profiles stay up to date instantaneously.

“Driven by mounting regulatory pressure and the prevalence of increasingly sophisticated financial crime, we’re hearing a massive demand from our fintech client community for next-gen transaction monitoring solutions that can provide the critical customer insights needed to be compliant at a more regular cadence than bi-yearly or quarterly benchmark reports, which is mainly what the industry has offered to date,” Christian Roberts, vice president of product at Fenergo, said. 

One of the first fintechs to deploy Fenergo’s new solution is Shieldpay, a firm that handles high-value complex business-to-business payment transactions in the legal and professional services sectors. 

In the Coinmotion deal, Fenergo said that by using its Transaction Monitoring service, Coinmotion will “better understand customer behaviour in real time and report suspicious transactions to the Financial Intelligence Unit” in Finland.

Coinmotion allows Finnish and foreign users to trade crypto to crypto, crypto to fiat currencies, and fiat currencies to crypto. The firm is Fenergo’s first Finnish client.

See this story here about research Fenergo has undertaken into how firms spend money on onboarding and related processes.