End of service benefits and wealth fintech platform Arem has gained a license from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market (ADGM).
Its technology will be a key component of the End of Service Benefits reforms, a $100bn opportunity, Arem said in a statement today (27 August).
The platform offers gratuity, pension plans, saving plans, long-term incentive plans (LTIPs) and flexible benefits for the workplace.
Michael Watkins, founder of Aurem said: “Securing the ADGM license marks another key milestone in Aurem's journey to deliver the future of workplace wealth and benefits technology regionally, and globally. We’re a focused, fast-moving company, with significant momentum going into our next phase of growth, and we’re excited to deliver an exceptional product to our partners today and in the future.
"This license will support our continued efforts to innovate in the UAE from our HQ in Abu Dhabi. As always, we’re thankful to our incredible team, and our investors, Further Ventures, and MEASA Partners for their continued support.”
Obtaining the Category 4 Arranging Deals in Investments license from the FSRA allows Aurem to engage in a range of regulated activities focused on investment services. This license enables Aurem to facilitate transactions involving various financial products as well as operate sophisticated financial marketplaces and investment platforms.
Arvind Ramamurthy, chief of market development at ADGM, said: “ “We are pleased to welcome Aurem to ADGM’s dynamic ecosystem. At ADGM, we are committed to fostering a forward-thinking financial environment, and Aurem’s cutting-edge platform aligns seamlessly with our vision.
"By obtaining this license, Aurem solidifies its position as a key player in the wealth and benefits technology sector and establishes a strong foundation for its growth, supporting the UAE’s ambition to become a long-term hub for innovation. We look forward to witnessing Aurem’s continued success and the positive impact their solutions will bring to the market.”
