Morgan Stanley Merging Fintech Divisions
Wall St giant Morgan Stanley has decided to merge two of its top financial technology divisions.
Like many major financial companies, Morgan Stanley has jumped into the fintech scene with urgency. Rather than fighting with these firms, traditional banks would rather work in collaboration with fintech startups and use them to their advantage.
The bank is even extending its fintech division past the development stage into the investment realm.
In London, one of Morgan Stanley’s principal strategic investment units currently uses financial technology solutions in its operation. The fintech section of this unit will now combine with the New York-based equities division, which also uses fintech.
The bank said it hopes to streamline multiple services at once while also reducing redundancies. It also wants to combine these two units to help push further into emerging markets and other growing developed markets.
Although these units aren’t the flashiest at the firm, they have taken significant steps to integrate fintech into equities and fixed trading operations at Morgan Stanley. Fintech offers a unique opportunity for investment for traditional investment banks.
The London principal strategic investment unit has used its unique insight provided through fintech to secure deals with the Philadelphia Stock Exchange, National Stock Exchange of India and Chi-X Global.