Volt 22, a fintech company supported by the innovation unit of Standard Chartered, aims to enter the Islamic finance sector by offering Sharia-compliant services in personal finance and wealth management within the United Arab Emirates.
The platform will introduce an AI-driven tool for assessing Sharia-compliant assets to aid users in their investment choices, along with an instant Zakat calculator. Additionally, it will provide a selection of exchange-traded funds and specialized portfolios designed to appeal to millennial and Generation Z investors.
Founded around two years ago by SC Ventures, a subsidiary of Standard Chartered, and Next176—an initiative of Old Mutual Group, Africa’s largest insurance company by assets—the company seeks to capitalize on the rapid growth of Islamic finance markets and AI-powered wealth management solutions in emerging and frontier markets.
According to a study by the London Stock Exchange Group and the Islamic Corporation for the Development of the Private Sector, the global Islamic finance sector is projected to reach a value of $6 trillion by 2024, with the UAE ranking fourth worldwide in asset size.
In response to a question regarding the impact of the Iran conflict on expansion plans, co-founder Stephen Ong stated, “In times of uncertainty, people need to manage their risks and finances more than ever, making long-term decisions regarding their wealth and savings. There is a demand for effective wealth management solutions, and we believe there is also a significant need for these types of Islamic tools to help them meet their religious obligations.”
The company was formed by merging 22sevens, a popular budgeting and tracking platform from South Africa, with Autem, a financial planning and wealth application incubated in Singapore. Volt 22 has established its headquarters at the Dubai International Financial Centre, supporting plans to launch the Hafiq platform in major Islamic finance markets across the Gulf region, as well as in Malaysia and Indonesia, while also expanding Volt 22’s presence in Africa.
According to co-founder and CEO Benito Maples, “The UAE offers a rapidly evolving ecosystem conducive to projects like ours. Regulatory maturity and clarity are essential, and they are present here, along with a strong linkage between the Middle East and Africa through the financial corridor we are navigating.”
The co-founders also indicated that the company, which counts Franklin Templeton among its supporters, is in discussions with potential investors, including Gulf-based family offices, to bolster expansion plans, although they did not disclose identities.
In Africa, the company is set to provide infrastructure for two banks to launch their private brands, enabling them to offer digital wealth products to clients without the need to build proprietary systems. Similar arrangements are also under discussion with other entities, according to Maple, who refrained from identifying them.
Volt 22 plans to introduce cryptocurrency and stablecoin services on its platform in South Africa, where the majority of its user base of over one million resides, and is considering expanding its offerings to independent financial advisors in the country.