The investment bank of the federal state Brandenburg sponsored 1.3 million Euros to the FinTech enterprise SmartTrade

In line with the program for promotion of research, innovations and technologies (ProFIT Brandenburg) the investment bank of the federal state Brandenburg (ILB) provided FinTech enterprise SmartTrade with 1.3 million Euros. The funds primarily serve the development of technologies in the field of regulatory services. Here SmartTrade acts as service provider for banks, investors and asset-managers.

Head of the Innovation Division of ILB, Oliver Bathe said: The establishment and development of SmartTrade as well as its concrete project have convinced us. The team not only possesses long-standing experience in financial modeling and in software development, but also has its own network in the financial sector. Established in 2013, the company already includes several banks, asset-managers and financial platforms in its clientele.

Simon Ullrich, Managing Director of SmartTrade, said: “The European regulators’ group gave a tight schedule for financial institutes to implement the new requirements such as PRIIPs or MiFID II. Thereby we provide innovation as well as technologies and intelligent outsourcing solutions. The promotion from ILB is an important element for accelerating the growth in this area.

For regulatory background:
Issuers and distributors of financial products are exposed to variegated regulatory requirements. MiFID II as well as PRIIPs-regulation are some current examples: Thus, in future suppliers of financial products must disclose a summary risk indicator and performance scenarios for all the products. The calculations mandated by the financial supervision (ESMA) are comparatively expensive and must be carried out partially in real time. Hence, many financial institutes outsource these calculations to an external partner such as SmartTrade.

About ProFIT:
The program for promotion of research, innovations and technologies finances projects with technological, innovative character. Customized financing for development of new projects and procedures such as their implementation in market will substantially strengthen the competitiveness of the enterprise. Moreover, the knowledge transfer from science to business will also be targeted.

About SmartTrade:
SmartTrade is a FinTech enterprise and primarily assists institutional investors, banks and asset managers in independent evaluation of financial instruments, calculation of risk-indicators and implementation of regulatory guidelines. Furthermore, SmartTrade develops web-based analysis and selection tools for investment banks, information and trading platforms and online brokers

For further information:
Andre Fischer
Director SmartTrade GmbH
Tel.: +49 30 57 70 21 592