DeVere Group launches new banking app deVere Vault

Added 10th April 2017

DeVere Group has launched a new banking app to coincide with its recently-unveiled plans for an investment bank on the offshore jurisdiction of Mauritius.

 DeVere Group launches new banking app deVere Vault

The app, called deVere Vault, will be the advisory firm’s debut into the fintech sector, said deVere chief executive Nigel Green.

Describing it as a “global e-money app”, the fintech venture has been facilitated by deVere receiving its own e-money banking licence, he said.

Last month, deVere announced it has been granted an investment licence from the Financial Services Commission of Mauritius and is expected to launch an investment bank “within weeks”.

The deVere Vault is a low-cost e-money service aimed at internationally-mobile individuals and expats as well as targeting the millennial demographic of those aged between 18-34, said the firm.

Consumers can open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications on all their transactions.

Users can also spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies “instantly with other deVere Vault account holders”, it added. 

 “The launch of our challenger bank, deVere Vault, is the latest move to provide expat clients a comprehensive, global service.  Personal advice with digital solutions is what people need in today’s world,” said Green.

“And this is just the beginning.  We’re confident that deVere Vault is set to revolutionise how people access, manage and use money across the world and positively disturb the wider banking sector.  Banking as we have known it until now is finished,” he added.

Qrops controversy

The new offering comes at a crucial time for deVere, after announcing last month it would conduct a strategic review of the company’s whole business following the UK’s shock decision to impose a 25% overseas pension transfer charge on some qualifying recognised overseas pensions schemes (Qrops).

In February, deVere UK was also ordered by the Financial Conduct Authority to “immediately cease” writing transfer value analysis (TVAS) reports or other similar reports of information "designed to assist third parties companies in transferring customers DB pensions to an alternative arrangement".

DeVere also recently-launched its own private bank on the Caribbean island of St Lucia and was awarded an investment licence by the Financial Services Commission of Mauritius last month.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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