Financial Technologies acquires UK's ACE Group

Source: Financial Technologies (India)

Financial Technologies (India) Ltd has acquired a significant equity stake in UK-based Audit Control & Expertise Global Limited (ACE) Group, a global credit support organisation providing collateral control, field audits, inspection, monitoring and financial structuring services in the commodity trade and finance sector.

"The E3C (Enhanced Credit Commodity Control) technology of ACE is a robust technology for banks to mitigate performance risks and secure transactions in credit finance for commodities. It will further strengthen our robust portfolio of technology IP based solutions for global financial markets," said Dewang Neralla, Financial Technologies' co-founder and director.

ACE has offices in 26 countries across the globe with operations in Africa, Europe, and the Far East. ACE provides collateral management and other credit support services across 2,000 different warehouses in more than 50 countries.

"With the acquisition, Financial Technologies can now enable financial institutions to effectively monitor and control trading assets throughout the supply chain - from the raw commodity stage through to the sale of finished goods. Our services will enable institutions to secure the completion of their asset conversion cycle," said Lamon Rutten, joint managing director, MCX, and MD/CEO-designate of ACE post-acquisition.

Andre Soumah, Chairman of ACE, said: "The acquisition by Financial Technologies will boost ACE's ability to give a technologically advanced credit support service to the many banks and commodity companies who are its principal clients. Furthermore, by opening up opportunities to work with Financial Technologies' major warehousing and collateral management venture, NBHC, it gives ACE access to the huge Indian import-export trade, where collateral management services are in a stage of infancy. Financial Technologies is eminently positioned to harness the tremendous potential that lies unutilised in India, where they are already a leader in the commodity markets."

"ACE will provide significant thrust to Financial Technologies' vertical expansion strategy in the credit markets, particularly in the commodity sector in India and in other African and Asian economies. ACE is recognised by most international financial institutions worldwide for the quality of its collateral control services, especially for giving credit support for the financing of traditional crops as well as petroleum products," said Anil Choudhary, MD and CEO, NBHC (National Bulk Handling Corporation Ltd).

Comments: (0)