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The Fintech Times
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MEA and Beyond: Exploring the Growth and Potential of BNY Mellon Growth Ventures
- BNY Mellon, a global financial services company, has appointed Madiha Sattar as Managing Director and Growth Ventures partner in a global role based in the UAE, as part of its Abu Dhabi Finance Week.
- In her new role, Sattar will work with clients in the region to build and invest in regional and global opportunities across financial markets data and analytics, wealth technology, and alternative assets data and distribution.
- BNY’s Growth Ventures business uses the company’s scaled platforms to develop new businesses combining technology, data, and investment solutions.
- Growth Ventures incubates, buys, and invests in new emerging technologies that are adjacent to the bank’s core business.
- One of their core organisational and engineering changes includes setting up business units that pursue certain technologies requiring dedicated focus.
- BNY Mellon has established a wealth tech firm, Alpheya, last year in the UAE via Growth Ventures to build wealth tech in the region, for the region, from the region aiming to scale globally.
- The team's focus is to build and invest in new technologies for thematic pillars including wealthtech, data analytics and AI for financial markets, and distribution of alternative and private assets to retail investors.
- By sourcing co-investors in the region, Growth Ventures aims to help set up businesses, ventures and partnerships to commercialise products.
- In the long-term, these growth pillars could become a fundamental part of the bank, similar to blockchain, or could remain as new entities like Alpheya.
- The bank is expanding in the Middle East to align with its customers' demands in central banks, asset owners and managers, and capital markets growth.
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