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NewQuantum Morrison Securities acquisition underpins global growth strategy 

16 Mar 2023
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The acquisition of the equities clearing business Morrison Securities is laying the foundation for New Quantum Holding (NewQuantum), a provider of wealth management all-in-one fintech as a service (FaaS), to rapidly grow its presence in the US, Middle East, and Asian markets.

NewQuantum will pay the ASX-listed Sequoia Financial Group (ASX:SEQ) $40.5 million for 80 per cent of Morrison Securities, with the deal to be completed in three tranches by 31 August 2023.

NewQuantum CEO Jong Chung says this acquisition complements the group’s core business, as well as provide the scalable foundation for measured growth that optimises client services and support.

“Upcoming announcements will see NewQuantum extend its reach into the US capital markets, add major new customers, demonstrate growth through market leading strategic partnerships in the Middle East, Asia, and the US, and the acquisition of other financial advisory and fintech companies. We expect to make these further announcements before 30 June 2023.”

Chung added all the funding is in place to allow NewQuantum to meet its three deadline payments of 20 March, 31 May, and 31 August. A $1.5 million deposit was paid on 13 March when the deal was formally signed.

NewQuantum Founder and Technology Advisor Babar Ali says: “Our industry is continually being disrupted globally by technology and regulatory changes, and this acquisition, as well as the upcoming announcements, will allow New Quantum to take a leadership position by shaping the market dynamics with global strategic initiatives.

Morrison provides us with the ideal platform for the exciting journey ahead for New Quantum and our industry. New Quantum & Morrison Securities will deploy an All-Inclusive suite for wealth management, investing, brokerage, custody, and post-trade processing for advice clients. In addition, the enhanced Investment API will empower any business to offer unique & amazing investment experiences. New Quantum & Morrison Securities’ vision and products have the potential to revolutionise the entire industry and create a whole new generation of investors.”

NewQuantum, which has its headquarters in Sydney, gives independent financial advisors and Fintech companies a fully integrated digital platform required to grow their practices, allowing them to deliver the client experience needed to succeed.

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