Through this move, Apex Fintech Solutions also intends to work on modernising trading, clearing, and custody. The collaboration is set to allow Apex to utilise Google Cloud’s suite of cloud computing services that provide an integrated AI stack, advanced infrastructure, and a range of tools for data, security, and communication.
The news comes just a month after Apex was allegedly considering the acquisition of Bakkt, a cryptocurrency platform established by Intercontinental Exchange (ICE). As reported at that time by Axios, discussions were taking place just two years after Bakkt acquired Apex’s cryptocurrency operations for up to USD 200 million in 2022.
By joining forces, Apex and Google Cloud plan to focus on delivering cloud capabilities, modernisation, scalability, and security to capital markets, which have previously relied on less flexible legacy custodian, clearing, and trading platforms. Until now, Apex has introduced Apex Ascend, a cloud-native investment infrastructure built on Google Cloud, in January 2024. The solution offers a suite of features that allows fintech, wealth management, and institutional clients to launch their services more efficiently. Additionally, Apex Ascend includes a built-in real-time ledger, real-time account opening and funding, self-service data analytics, and automations such as corporate action updates, rebalancing, order management, and trade execution.
Moreover, Apex has utilised several of Google Cloud’s existing solutions to offer advanced services to Ascend users. Among them, the company mentions AlloyDB, BigQuery, Looker and Looker Studio, and Vertex AI. Commenting on the news, representatives from Apex mentioned that teaming up with Google Cloud is set to facilitate development and support the industry’s advancement. The company plans to minimise wait times for financial services data processing, enabling clients to access insights in real time for efficient and informed decision-making.
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