Standard Chartered Launches One-Stop Digital FX Platform
Posted: 18 June 2019 | Source: Finextra
Standard Chartered Bank (“the Bank”) has launched LiveFX, a one-stop platform that allows retail clients to make FX conversions in real time, gain market insights and place limit orders anytime, anywhere at their preferred exchange rates.
This platform, a first in Singapore, ASEAN and South Asia for the Bank, is available within the Standard Chartered (“SC”) Mobile App for a seamless, on-the-go experience, and on Online Banking.
LiveFX is designed to provide clients with customised market updates at their fingertips to gain exclusive access to economic indicator updates, latest FX news and the Bank’s investment views. It also allows clients to personalise watchlists and price alerts with instant alerts sent to inform clients of when the market rate reaches their target rate. Via the platform, there is also a comprehensive dashboard view of currency pairs complete with news, market data, price charts, technical analysis, buy/sell ratio and FX polls.
Unique to LiveFX, clients are automatically enrolled in a membership programme that rewards them for the FX transactions they perform. Depending on the accumulated amounts that clients transact every half year, they will be entitled to different tiers of rewards, starting at Green, followed by Blue, Silver, and Gold being the highest tier. As clients get upgraded through the tiers, they will benefit from 20 to 30 per cent better spreads with each upgrade and be rewarded with lifestyle privileges, such as Grab vouchers.
Sumeet Bhambri, Regional Head of Wealth Management, ASEAN and South Asia and Head of Wealth Management, said:
“We have seen client interest in FX increasing over the years, with transaction turnover growing close to four times year-on-year. Taking the offering digital will provide our highly digitally-engaged clients quicker, round-the-clock access to FX opportunities. With LiveFX easily accessed via the SC Mobile App and Online Banking, our clients will benefit from a well-rounded suite of online wealth management services at their fingertips together with our existing Equities Trading and Mutual Funds platforms.”