Titanium Financial and Apex Group launch new UAE Escrow product
Titanium Financial Ltd has mandated Apex Group Ltd (Apex), a global financial services provider, to provide operational support for the launch of its global Escrow service "Titanium Escrow". Apex will provide reconciliation services, assist with payments and record keeping of the Escrow platform.
Escrow is the service of retaining funds securely in escrow accounts as underlying transaction is facilitated. Clients use Titanium Escrow to retain funds for commercial purposes such as Payment Retentions, M&A and Escrow for Indemnification Obligations, Contracting and Real Estate, or the purchase and/or transfer of large assets.
As the first dedicated and licensed Escrow provider based in the UAE, Titanium Escrow is a landmark solution that uses best in class controls and procedures to facilitate global escrow services for Cash and Non-Cash Property. By using Titanium Escrow's streamlined Escrow system, clients will reduce risk, save time, and increase efficiencies via a streamlined process delivered by dedicated relationship managers. Titanium Escrow, established in the Abu Dhabi Global Market (ADGM) is regulated, supervised, and authorized by the Abu Dhabi Global Markets Financial Services Regulatory Authority (ADGM FSRA).
This announcement is the further evidence of Apex’s growing operations in the Abu Dhabi Global Market (ADGM), enabling it to deliver its single-source solution to both new and existing clients in the UAE. Last year, Apex announced the launch of Compliance Services in the ADGM following the acquisition of risk and compliance consultancy Praesidium, the creation of LRI Middle East to offer third-party Management Company services, and the establishment of its Corporate Solutions business via subsidiary Throgmorton in the ADGM.
Venki Subramanian, Managing Director, Abu Dhabi, at Apex Group, comments: “We have been delivering services locally to clients in the UAE for 15 years and we are excited to provide support to Titanium Escrow, a pioneering platform which we see as a real value-add for our clients in the ADGM. Traditionally, Escrow was most often associated with M&A transactions, however, we now see its popularity growing rapidly as a straightforward and efficient solution in a multitude of different scenarios including supply chain disruption and dispute resolution. The ADGM continues to provide a highly supportive and attractive environment for international businesses looking to grow and access key investor markets and we look forward to working with Titanium to bring innovative and scalable solutions to these clients.”
Ibrahim Kamalmaz, Founder and Chief Executive Officer, Titanium Financial Ltd, adds: “We are pleased to appoint a partner of Apex’s quality and reputation as a global financial services provider to support Titanium Escrow through the provision of reconciliation, payments and recordkeeping services. Collaborating with Apex will ensure that we implement robust oversight and efficient operational processes to support the Titanium Escrow platform. We have been impressed by Apex team’s growing local presence in the ADGM alongside a global reach and we will look to leverage their experience to deliver an enhanced service to our own clients.”