Financial Technologies Acquires Audit Control and Expertise Global

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."

Financial Technologies

Financial Technologies Group is a US$1.8 billion (market capitalization as on 30th June'08, global leader in creating and operating new generation tech-centric, financial markets that not only builds unprecedented shareholder value through a non linear business model, but also in the process transforms economies, empower the common man and change lives.
We have set up 9 exchanges in India, Dubai, Mauritius and Singapore among equities, commodities, currency and bond across Africa, Middle East and South East Asia.

Our endeavour is to build the largest exchange network (liquidity platform) connecting fastest growing economies.
Our highly robust and scalable exchange and trading technology platform (Intellectual Property), coupled with deep domain expertise, gives us a decisive edge in driving mass disruptive innovation at a speed and cost of execution that are unmatched in the financial markets. This expertise uniquely positions Financial Technologies and helps create electronic, organized, and regulated financial markets for 'new asset classes' and 'new investor classes' that are either underserved or economically unviable to serve by traditional companies.

Our markets transform lives of people by democratizing global trade and economy and propagating the benefits of transparent price discovery, efficient trade execution, effective risk management, insurance against price volatility and access to structured finance. These benefits in turn create inclusive and equitable growth by unlocking value from the middle and bottom of the socio-economic pyramid.