Apex Group has launched a digital bank and onboarding platform via subsidiary European Depositary Bank (EDB).
EDB’s digital banking solution will remove the need for asset managers, special purpose vehicles, family offices, corporate firms and trusts to provide physical document copies or the need to send information via mail.
The platform will allow clients to benefit from an integrated platform, innovative security technology in the know-your-customer (KYC) process and a paperless process.
It also noted that a payments platform would be added later this year.
Meanwhile, the new launch will also allow Apex to process and open bank accounts in Luxembourg, subject to the client’s completion of all KYC checks.
According to Apex, 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.
Peter Hughes, founder and CEO of Apex, commented: “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.”
David Rhydderch, global head of financial solutions at Apex, added: “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, foreign exchange 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.”
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