DriveWealth Forges First Partnership in Middle East and North Africa Region with UAE-Based Wealthface
Wealth Management Company Turns to DriveWealth for Technology, Brokerage Execution Services
CHATHAM, New Jersey, March 18, 2020 /PRNewswire/ -- DriveWealth, LLC, a U.S. based leader in global digital trading technology, announced today a new partnership with Wealthface LLC, an innovative UAE-based wealth management company and online investment platform. The agreement marks DriveWealth's first initiative in the Middle East and North Africa (MENA) region, bringing the firm's technology and brokerage execution services to one of the region's first investment robo-advisors.
Employing DriveWealth's proven technology, Wealthface will offer U.S. stock market access to a wide range of regional investors with varying investment amounts. Wealthface clients will also be provided access to fractional shares in familiar U.S. brands, an offering that DriveWealth has pioneered.
Wealthface Founder & CEO Bilal Majbour stated: "Our partnership with DriveWealth is a significant manifestation of our vision to make the U.S. equity market accessible to everyone everywhere. We want to enable all types of investors to access investment solutions previously unavailable to online investors using our cutting-edge technology at a low cost. In addition, we are committed to offering value-added services to millions of customers in the Middle East and North Africa region. DriveWealth is the ideal partner to help launch our offering to regional clients using the latest and most innovative technologies."
DriveWealth CEO Robert Cortright said: "We are truly pleased to help Wealthface – an innovator in the MENA region – bring investors affordable, robust access to the U.S. markets. This partnership is a great opportunity to establish our first presence in this important region, and we're delighted to continue on our geographic expansion."
The partnership with Wealthface is the latest in a series of relationships DriveWealth has forged globally on six continents, including recent agreements to increase affordable access to the U.S. markets to investors of all sizes in the U.S., Nigeria, India and Brazil, as well as in Europe through a groundbreaking offering with Revolut. The firm offers partners such as Wealthface its unique investing technology, along with a customizable suite of application programming interfaces (APIs) that they can leverage to enhance their services. DriveWealth, which launched its patent-pending real-time fractional share trading capabilities in 2016, was founded with the mission to democratize investing in the U.S. stock market. The firm is dedicated to eliminating barriers investors typically encounter with legacy brokers, creating its own proprietary infrastructure that allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.
About DriveWealth
DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.
About Wealthface
Founded in June 2018 by former Saxo Bank Investment Banker Bilal Majbour and former ADIA executive Jake Nuseibeh, Wealthface is a UAE-based pioneering one-stop shop online investment platform that offers both passive indexing investment and factor investing services. The company's proprietary Robo-advise platform is developed in-house by a team of experienced quantitative analysts and based on advanced Nobel Prize academic research. Wealthface aims to bring investment to every doorstep by facilitating the investment process and offering modern Fintech services to a diverse range of investors, requiring no minimum deposits and offering low fees than other platforms. For more information, visit www.wealthface.com
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