Apex Group launches digital banking platform for asset managers

Apex Group Ltd, a global financial services provider, has launched its digital bank and onboarding platform via subsidiary European Depositary Bank (EDB).

Apex Group will now be able to process and open bank accounts in Luxembourg in just five days, subject to the client’s completion of all KYC checks. Launches in Ireland and the UK are set to follow shortly as the Group set its sights on a global rollout of the solution over 2020.  

Clients will benefit from an integrated platform, innovative security technology in the KYC process and a paperless process with a payments platform added later in the year; ultimately making the client experience quicker and simpler. 

EDB’s digital banking solution will remove the need for asset managers, SPVs, family offices, corporate firms, trusts and UHNWIs to provide physical document copies or the need to send information via mail. The technology enables the Group to challenge traditional bank onboarding processes through a fully digitised experience.

Peter Hughes, Founder and CEO, says: “The launch of our digital bank brings game-changing capabilities to the asset management space; it means we can deliver a virtual solution for our client’s banking and onboarding requirements and expedite the process significantly. Our core philosophy has always been to put client needs first; this is why we continue to innovate and are proud to be able to offer this unique digital banking solution. The five day guarantee (subject to KYC completion) and the ability to eradicate the need for paper copies of client documentation, not only streamlines a once complex and time consuming process, but also supports the promotion of ESG activities and sustainability.”

David Rhydderch, Global Head of Financial Solutions, says: “The financial solutions arm of the Apex Group is a key component of our single-source offering and EDB is a critical part of that solution; delivering depositary, custody, FX and bank accounts. The launch of our digital banking platform is an exciting moment for the business, enabling a fully digitised experience for both onboarding and bank account opening which will be transformational in terms of streamlining critical processes for our clients.”