Newly established joint venture Instimatch LLC secures first Gulf clients
London, 19 February 2020 – Instimatch Global, the money markets fintech network, has entered the Gulf market, partnering with a leading Qatari institution and a group of local partners to establish a joint venture. It has already secured a range of leading banks as new clients in the region. The Qatar Financial Centre, one of the world’s leading and fastest growing onshore business and financial centres, has welcomed Instimatch Global to its fintech platform.
Sheikh Fahad Al-Thani, one of the local partners, said “We found Instimatch’s team and growth to date very impressive, and believe its offer will have a lot of appeal here. Our local knowledge coupled with Instimatch’s proven technology makes for an impactful collaboration. With its approach and roadmap, Instimatch is well on its way to digitally, efficiently and seamlessly bridge the procedural and operational gap between conventional and Islamic banking.”
Board members of the new company will include Michael Schmidt and Hugh Macmillen of Instimatch Global, representing the Zurich-based fintech, along with two local partners, representing the local group, and an additional independent member.
A range of leading regional financial institutions have signed up for Instimatch Global’s network.
Mr. Derek Kwok, Head of Treasury and Investments at Ahli Bank QPSC, commented: “The pace of change in money markets in the Gulf is accelerating, and this is a propitious time for Instimatch Global to be entering the market with a compelling, unique offer.”
Instimatch Global also marked its entry into the Kuwaiti market this month, with Gulf Bank signing on to its network.
Instimatch Global CEO Daniel Sandmeier said: “We are thrilled to have such strong local partners on board to steer our growth in the region. The Middle East has been a focus of ours for some time, as a region where we see significant potential. Given the region’s extensive money markets infrastructure, our digital network can bring greater efficiencies to the market. Together with our existing and prospective partners we look forward to bringing positive disruption to this important market, and we are thrilled at the leading financial institutions already on board.”
Since its launch in 2017, Instimatch Global has been at the forefront of disrupting the traditional ways in which money markets operate, attracting over 80 active corporates and banks from 14 countries across Europe and the UK to its trading network. By connecting borrowers with lenders within the huge unsecured money markets, the network provides more efficient access, better pricing and the ability to diversify counterparty risk.