Swissquote Bank MEA (SQM) a Dubai, United Arab Emirates, subsidiary of Swissquote Bank SA. (SQB), has launched its first retail product in the region, the expat account, which is aimed at members of the 500,000 Western expatriates community living in the UAE who are interested in saving, trading and other investment products.
This new product offers easy and efficient access to a Swiss bank account with a multi-asset trading system. It combines flexible trading, saving and electronic private banking accounts with multiple currencies (USD, EUR, CHF, GBP) into one single account.
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The new account gives its holders access to the immense breadth of Swissquote Bank’s financial products at very attractive prices, in addition to attractive rates on cash positions and credit cards that enable customers to access their funds wherever they are.
Mario Camara, CEO of Swissquote Bank MEA said: "We are excited about the official introduction of the new expat account and convinced of its business potential in the region targeting in the initial phase alone more than half a million Western expats in UAE. With no minimum account balance or maintenance fees, our clients can maintain their savings with superior saving interests, easy to use international transfers in addition to an international credit card linked to the account. Such special arrangement of advantages is quite unique in the UAE and we aim to use it as a platform to introduce the our Swiss standard banking services to the expats in the region.
"With Dubai’s win to host Expo 2020 and with the UAE government’s continuous strive towards achieving sustainable development, the country is expected to gain more ground in attracting new investors and more expats. Being an online bank means Swissquote can create a virtual branch directly in your PC, tablet or smart phone offering you banking services at very affordable rates wherever in the world you happen to be at the moment and wherever you may move in future."
Swissquote’s market research shows that the UAE is embracing online banking even faster than some mature financial markets. The Internet World Stats website, which monitors internet usage around the globe, show that a higher proportion of UAE bank account holders use online financial services (above 75%) than their counterparts in the UK (under 60%).
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By GlobalDataBetter IT infrastructure may be one of the factors behind such difference, but we believe that a bigger factor is the level of sophistication of UAE banking customers.
Swissquote bank holds a category 4 license from the Dubai Financial Services Authority (DFSA), and Swissquote Bank SA Central Bank Representative Office License and operates two offices in Dubai.
The bank has recently acquired a major forex broker MIG bank, establishing itself as one of the leading forex and CFD brokers for clients in over 120 countries and greatly enabling it to expand its forex operations, which at a volume of CHF 158 billion accounted for 26.2% of total net revenues in the first half of 2013.
From its prime new location within DIFC, the bank provides the comfort of a reliable and secure Swiss bank account by offering dedicated online banking and trading accounts, multi-asset trading platforms and electronic Private banking solutions; all serviced locally through an experienced team.
