Aspen Digital Secures Preliminary Approval for Financial Services Operations
Aspen Digital has obtained in-principle approval (IPA) from the Financial Services Regulatory Authority to conduct activities within Abu Dhabi Global Market
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Aspen Digital has obtained in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to conduct regulated activities within Abu Dhabi Global Market (ADGM).
This preliminary approval signifies a crucial advancement for Aspen Digital, permitting the company to proceed with plans to offer financial services in ADGM, subject to final regulatory clearance. This step will enable Aspen Digital to enhance its product offerings and reinforce its footprint in the expanding digital asset market in the Middle East.
The IPA is a key milestone in Aspen Digital’s strategy for regional growth, reflecting its alignment with the FSRA’s comprehensive regulatory framework. Aspen Digital’s distinctive role as an all-in-one solution for private wealth to invest in alternative digital assets will play a vital role in developing the local ecosystem and fostering broader adoption in the region. ADGM’s deep understanding of digital assets and its collaborative regulatory approach are essential in establishing the region as a global hub for financial services.
Founded in 2021 under Everest Ventures Group (EVG) and backed by investors including Rothschild Investment Trust (RIT Capital Partners) and Liberty City Ventures, Aspen Digital is a leading digital asset technology platform for family offices, UHNWI and wealth managers enabling clients to seamlessly allocate to the asset class through their one-stop solution.
CEO of Aspen Digital, Elliot Andrews said, “The IPA is an important milestone for Aspen Digital as we look to expand both our global footprint and offering within the digital asset sector. With a deep understanding of the asset class, ADGM has built a very comprehensive and clear regulatory framework in which to operate. We are grateful for their support and look forward to working closely with them in driving the next wave of digital asset adoption.
Arvind Ramamurthy, Chief of Market Development at ADGM said, “We congratulate Aspen Digital on obtaining its IPA from the FSRA of ADGM. The private wealth and alternative asset service providers catering to family offices, UHNWIs, and wealth managers are both lucrative and emerging. ADGM’s regulatory regimes empower such service providers to tap into these opportunities in Abu Dhabi and beyond. We look forward to Aspen Digital’s innovative offerings that will aim to accelerate the growth of the digital asset sector in the region.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
