GBST has expanded its international footprint with the availability of its wealth management administration platform, Composer, in the UAE - suitable for new employee workplace savings schemes, fund platforms, wealth management and insurance providers.
The Middle East region has recently introduced BOD-49 regulatory changes, where all fees must be explicitly shown to the customer, and employee workplace saving schemes that both closely align with existing UK regulations.
As a fintech company, GBST does not provide regulated activities itself. Its customers would be the regulated entity and they would determine which regulatory framework e.g. DIFC, SCA, ADGM they work within. GBST provides platform technology to enable regulated retail investment providers or employee workplace saving schemes to distribute investment solutions in the region.
According to the latest Insight Discovery Middle East Investment Panorama (MEIP) report, there has been a 56% increase in the usage of fund platforms in the UAE over the past year, a trend that the UK has experienced over the last 10 years.
Head of EMEA at GBST, David Simpson, said: "We are continuing to see price and margin squeezes making it even more important to focus on reduction in the total cost of technology ownership.
"Our wealth management administration platform has undergone an impressive technology transformation in order to support the future growth and evolution of financial services organisations, while ensuring the need for operational efficiency and risk reduction are met.
"We've taken over 30 years of product and business functionality and invested heavily in the underlying technology stack and user experience to bring a globally accessible, digitally and cloud enabled, secure, compliant, and scalable solution to the Middle East region.
He added: "We've managed to lower the total cost of ownership through the incorporation of microservices, open integration and APIs, auto-scaling, automated testing and deployment, and true platform agility. According to a leading independent consultancy, Composer has the widest range of investment products across multiple distribution channels able to be administered on a single platform."
Composer is well suited to the Middle East market, GBST further said, helping customers launch new investment platforms or qualifying schemes for employee savings. It is a proven, robust, SaaS technology platform for retail investment solutions across advised, direct, and workplace distribution, and across its current APAC and EMEA client base, already helps customers meet their regulatory responsibilities.
Also available to the Middle East region is GBST's digital customer experience platform, Catalyst, GBST added. Delivered via a modern, responsive, and intuitive web interface, it supports a mobile omni-channel experience. It integrates seamlessly with Composer and other third-party systems and services, to provide a single customer view. It offers guided process flows and user journeys for onboarding and servicing, personalised dashboards, and a range of self-service wealth calculators, all designed to deliver an outstanding user experience.
GBST provides global technology and digital solutions for financial services organisations. Its team of experts create vital back, middle, and front-office solutions for wealth managers, life and pension companies, stockbrokers, and fund managers, as well as offer financial tools and digital services to banks and loan providers.
Founded in 1983, GBST works with financial brands across Europe, Australia, New Zealand, the United States, and Canada. Its technology supports over 5.5 million investor accounts under administration with Direct to Consumer, Advised and Workplace channel solutions.
