NewTech Friday: Depowise – Automating the asset servicing industry
With one foot in Estonia and the other in Luxembourg, fintech Depowise recently announced its expansion into the UK and Ireland. Boris Plantier from Qorus gave Leonid Belov, Depowise’s Managing Director for the UK & Ireland, the microphone to find out more about this startup.
With one foot in Estonia and the other in Luxembourg, fintech Depowise recently announced its expansion into the UK and Ireland. Boris Plantier from Qorus gave Leonid Belov, Depowise’s Managing Director for the UK & Ireland, the microphone to find out more about this startup.
What led to the creation of Depowise?
Depowise was created in 2021 to address a crucial need for technological advancement within the asset servicing industry. Despite a remarkable push for automation, most of the industry still heavily relies on Excel and manual processes for critical tasks. Not only it is not a scalable business model, but also opens firms to operational, reputational and regulatory risks. Coupled with the general fee compression we observe in the industry – increasing operational efficiency is becoming a business-critical task.
Could you present Depowise's offer?
With a deep heritage in building complex IT solutions and a thorough understanding of asset servicer business challenges we see a significant opportunity for Depowise. While it was initially developed for depositaries, it is now equipped to serve the entire asset servicing and AIFM (Alternative Investment Fund Managers) sector, including large, medium and small management companies and fund administrators. Specifically, for the depositaries, we find it is the only tool in the market that is exclusively dedicated to the end-to-end needs of the UCITS (Undertakings for Collective Investment in Transferable Securities) and AIF depositary manager.
Depowise is built on a next-generation modular platform to automate oversight, investment compliance, and external communication and due diligence capabilities across all asset classes. The platform consolidates asset, fund and investor data and documents across the organization, utilizing flexible workflow management tools to unify stakeholders and processes.
What's coming next for Depowise?
Over the past three years, Depowise has experienced remarkable expansion, evolving from a nascent solution for depositaries to a robust platform with a varied clientele across major European jurisdictions and clients of varying sizes. Our next steps are to amplify this growth trajectory, broaden our market share throughout Europe, enhance our product offerings, and seize opportunities in markets beyond Europe, particularly in Asia. The prospects for the latter half of 2024 are incredibly promising, and I am thrilled about the future developments we have planned.
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