An automated asset manager, or robo-advisor, which claims to use artificial intelligence (AI) to power its investment decisions has launched in Abu Dhabi.
FinaMaze is based in the Abu Dhabi General Market, regulated by the Financial Services Regulatory Authority (FSRA) and holds an extended Asset Management License.
“[We] opted to anchor FinaMaze and develop its proprietary systems and platform in ADGM, a fintech ecosystem in sync with our core values: dynamic, agile, decisively forward-looking, empowered by visionary leadership, in a region with untapped growth potential, impatient to live the future today,” said Mehdi Fichtali, chief executive at FinaMaze.
According to Fichtali, FinaMaze was developed in response to a growing demand in the region for personalised asset management services.
It uses AI technology to both detect market trends and sentiment and design portfolios that reflect the risk appetite and investment preferences of individual investors using thousands of multi-dimensional profiles, claims the company.
A number of digital wealth managers and robo-advisors have hit the Mena market in the last 12 months. A robo-advice indexing platform was launched by UAE-based Wealthface in March 2020.
In November, StashAway, a Singapore-based digital wealth manager was granted a license to operate in the UAE.
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