British financial entrepreneur Adam Fayed has announced a push across East and West Africa, with plans to hold multiple licenses in the region shortly.
The first license is expected to be granted within weeks.
Ugandan national and ex-Standard Chartered banker Nelson Mandela (no relation to the South African anti-apartheid activist and politician) is expected to be the managing director of the African operations.
Commenting on the news, he noted that Africa is likely to be the world's major growth engine in the coming decades, with more expatriates and wealthy individuals expected to move to the region, which incentivises getting regulations and licenses in the region.
In unrelated news, Fayed announced a strategic partnership with a new branch of MAS licensed entity, Synergy Financial Advisers. The purpose of the partnership is to assist with sales and marketing support to help grow the business, following the successful acquisition of approximately S$200 million in assets under management from Focus Wealth.
Synergy currently has about S$1.27 billion in assets under management and 350 advisers, with plans to grow rapidly in Singapore and across the wider ASEAN region.
