Rakbank has launched a global equities trading service in its mobile banking app.
Called Digital Equities, it gives customers access to more than 30,000 stocks and exchange-traded funds (ETFs) in markets such as the US, UK and Europe.
Fees for US equity trades start from US$1 per transaction, according to the bank. The bank also plans to add UAE equities in a future phase.
Customers can open an investment account in the same app they use for everyday banking.
As a result, they do not need a separate brokerage relationship, and both onboarding and trading are fully digital.
Technology for the service comes from GTN, a global investment and trading infrastructure fintech.
GTN provides the brokerage technology, market connections and trade execution that link customers to international exchanges.
Digital Equities joins the other investment products already available in the app.
These include investment funds, bonds, structured products, precious metals, foreign exchange and digital assets.
The service is now live for customers across all segments, whether they are new to investing or diversifying an existing portfolio.
“We believe investing should be as frictionless as everyday banking. Customers increasingly want the ability to manage their finances and grow their wealth through a trusted, all-in-one platform,”
said Shehzad Hameed, Managing Director, Retail Banking at Rakbank.
“We have been particularly impressed by the detailed focus on the user experience and as such we have great confidence this will be a successful venture,”
said Damian Bunce, CEO at GTN Middle East.
Featured image: Edited by Fintech News UAE, based on image by Rakbank via its Press Release.
