Apex Group has launched a new digital bank and onboarding platform for asset management space through its subsidiary European Depositary Bank (EDB).

The company said that it will be able to process and open bank accounts in Luxembourg in just five days through its new digital onboarding platform.

However, the account opening is subject to the client’s completion of all KYC checks.

The company intends to soon launch the platform in Ireland and the UK and make it available globally by the end of this year.

The newly launched digital banking platform, according to the company, will do away with the need for asset managers, SPVs, family offices, corporate firms, trusts and UHNWIs to provide physical document copies.

It will also remove the need for them to send information via mail. The platform will allow the company to challenge traditional bank onboarding processes via a fully digitised method.

Apex founder and CEO Peter Hughes said: “The launch of our digital bank brings game-changing capabilities to the asset management space; it means we can deliver a virtual solution for our client’s banking and onboarding requirements and expedite the process significantly.

“The five-day guarantee and the ability to eradicate the need for paper copies of client documentation, not only streamline a once complex and time-consuming process but also support the promotion of ESG activities and sustainability.”

Apex financial solutions global head David Rhydderch said: “The financial solutions arm of the Apex Group is a key component of our single-source offering and EDB is a critical part of that solution; delivering depositary, custody, FX and bank accounts.

“The launch of our digital banking platform is an exciting moment for the business, enabling a fully digitized experience for both onboarding and bank account opening.”