A co-founder of one of the partner firms is former COO at Falcon Private Wealth.

Financial services provider GMEX Group is partnering with a similar player in the field, Digital Asset Group, to build what they claim is the "first fully-integrated" business of its kind tapping technology such as blockchain and Artificial Intelligence (AI).

Sean Kiernan, co-founder and the chief executive of DAG, and until recently chief operating officer of Falcon Private Wealth, will be working alongside Dmitry Kaminskiy, co-founder and chief innovation officer at DAG, this publication can exclusively report today.

The groups say they are blending state-of-the-art technologies to shake up a tradition-bound banking industry.

“This JV [joint venture] aligns their objective with our ethos to connect traditional financial services with emerging digital assets and the wider crypto economy to provide the leading trusted platform by bringing together established regulated banking, fund management and exchange business models with emerging innovation and blockchain technology," Hirander Misra, chairman and CEO of GMEX Group, said.

The collaboration will be structured around a number of strategic areas such as the delivery of exchange initiatives with associated post-trade services, including digital registry, blockchain clearing house, decentralised depository and custody, digital and crypto banking, crypto fund management and emerging technology incubation.

GMEX Group has offices in London and Maritius. DAG is based out of London.