Stanbic Bank Tanzania’s customers can now trade currencies at their convenience following a move by the financial institution to launch a web-based platform dubbed e-Market trader.
The bank has launched the live foreign exchange trading portal in an effort to provide their clients with access to an integrated, web based and real time foreign exchange portal with live market insights, real-time pricing and market research to be deployed to corporate, commercial and individual clients.
This is a first of its kind portal in Tanzania is available through a web-based platform and is supported by all popular web browsers. The e-Market trader digital platform allows customers to trade currencies at their convenience and offers real time pricing for 64 currencies based on the market’s performance.
According to the Manager Financial Markets at Bank of Tanzania (BoT), Mr Lameck Kakulu, Stanbic Bank is one of the key players in Tanzania’s financial sector.
“Leveraging on technology through this innovation that features real-time dealing and access to Standard Bank’s research portal.” He said adding that “In the past, our clients had to call the bank’s dealing room to buy and sell currencies and were restricted to trade within working hours. However, with the launch of eMarket Trader, clients now have access to forex trading and real-time market insights” said Stanbic Bank Head of Global Markets, Erick Mushi.
Stanbic Bank Tanzania is part of the Standard Bank Group, the largest African bank by assets with its headquartered in Johannesburg, South Africa and listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock.
This platform also enables customers to place and monitor foreign exchange orders, access historical trade data on the market, and keep a record of all deals through trading receipts. The portal has additional unique features that are tailored to the market such as a customized user interface and executive live streamed spot transactions across dozens of currency pairs.
This product aims to ensure the financial success of Stanbic customers whose businesses are linked across different global markets. Currently, USD 18 billion worth of transactions are performed on the platform and has over 5000 daily users across the continent. The introduction of the portal in the Tanzanian market lives up to Stanbic Bank’s promise to empower financial success for its customers and Tanzania.
Stanbic’s Corporate and Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.