Pioneering financial software company, SAGE Group SA, launched version 2.0 of the company\u2019s flagship product, Prospero, during this year\u2019s MEFTEC exhibition in Dubai, unveiling an enhanced system that allows banks to manage their clients\u2019 accounts across several platforms all from one system. Following the success of Prospero, V2.0 is proving to be one of the most specialized tools in the Middle East region particularly as local banks are becoming more attractive to European clients looking to provide an alternative to a weakening banking secrecy policy at home.<\/p>\n
With the growing pressure on European banks, especially Swiss banks, to adopt more transparent policies and to ask their clients to declare their assets; these financial institutions are increasingly turning to shifting their clients\u2019 assets to the Middle East region. \u201cUAE banks are becoming the new tax haven for shifting Swiss clients. Europe-based account holders are moving their assets into the region where regulation and tax laws are less regulated and monitored,\u201d<\/i> states Fernand Rasetti<\/a>, COO of SAGE Group SA.<\/p>\n The new strength of the financial sector in the UAE can also be explained by the fact that European banks in general and Swiss banks in particular are opening subsidiary banks in Dubai that offer management services. This means that the European client can choose its local custody bank and the European and\/or Swiss bank can, in a relatively simple way, keep these clients while avoiding the problem that arises with Swiss banking secrecy. \u00a0Technically, such a solution is much simpler than creating a new bank. \u201cAs a result of this trend in the regional marketplace, European financial institutions need systems that provide them with a consolidated view of their clients\u2019 assets. \u00a0With an information platform such as Prospero, it is also possible for the subsidiaries to be operational very quickly as Prospero provides electronic interfaces with custodian banks that allow the consolidation of portfolios,<\/i>\u201d Fernand added.<\/p>\n SAGE Group SA\u2019s expertise and commitment to the continuing development of cutting-edge banking and asset management applications has ensured that it remains ahead by spotting trends in the banking sector. Recent examples of a growing trend include ADCB buying RBS\u2019s assets in the UAE and HSBC UAE\u2019s move to acquire Lloyds\u2019 UAE assets. In these scenarios, the acquiring entity should be equipped with a flexible software solution that allows it to create the products and services of the acquired entity that it presently does not offer. Fernand commented, \u201cProspero is one of the few solutions that do not require coding to adapt the business processes of a newly absorbed entity and thus allow users to easily and quickly adjust to and create new products and services.\u201d<\/p>\n Prospero is a suite of solutions precisely fitted to the needs of specific segments of the financial services industry and covers all aspects of financial operations: Wealth Management<\/a>, Asset Management<\/a>, Fund Administration<\/a>, Trading, Independent Asset Managers\/Family Office<\/a>, and Portfolio Optimization. Even with today\u2019s standardized and regulated financial environment, each bank financial institution remains different. Prospero\u2019s unique flexibility ensures that it covers exact needs – from medium to large firms, from simple to complex financial products and activities.<\/p>\n Prospero is currently used by prominent financial institutions in Switzerland, Europe, and Asia Pacific as they rely on Prospero to expand their market share in Wealth Management.<\/p>\n <\/p>\n