Tech & Tonic: UAE robos, "fund manager is mentally ill" & the $28m Raisin

UAE embraces robos in top move by the region’s regulator this week  (image by Hassan Pasha)

UAE embraces robos in top move by the region’s regulator this week (image by Hassan Pasha)

News story of the week: Abu Dhabi regulator gives nod to ‘Digital Investment Managers’

In a groundbreaking move for the region, Abu Dhabi’s ADGM (Financial Services Regulatory Authority of Abu Dhabi Global Market) released a “regulatory framework for ‘Digital Investment Managers’ operating in its international financial centre”, reports International Adviser.

The ADGM have included robo-advisers and those who employ algorithms in their advice tech within their definition of ‘Digital Investment Managers’.

Richard Teng, chief executive of the Financial Services Regulatory Authority of ADGM, commented: “Robo-advice leveraging AI and data analytics is an area of FinTech that has enormous potential to improve investment decision making in the Middle East and Africa region.

“With this guidance, we aim to make it easier for digital investment businesses to operate in ADGM and in turn provide investors with greater access to professional investment tools to help achieve their financial goals.”

Comment piece of the week: “The fund manager is mentally ill, what do we tell clients?”

The final instalment of New Model Adviser’s brilliant mental health awareness series, CEO Tapes, was released earlier this week. Top tier finance bosses got together to debate whether or not clients should be made aware of a fund manager’s mental health issues, should they impact on the way their account is managed.

A full list of the 16 CEO Tapes participants, which include Vanguard’s European MD Sean Hagerty, can be found here.

Number of the week: Goldman Sachs invests US$28m in fast-growing Raisin

Dried grapes these are not! German-based Raisin received almost US$30m from Goldman Sachs, who interestingly declined to reveal to some press how much they’re worth in total after the attention-grabbing announcement.

Raisin’s proposition is about offering users the chance to easily move their money to banks offering them a higher interest rate than their existing account does. Some 185,000 people have already signed-up in various parts of Europe, ahead of Raisin’s 2020 US launch.

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