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Mashreq Bank, one of the leading financial institutions in the UAE, has become the first bank in the Middle East region to offer customers instant global investments and return on investment through its mobile banking app, Mashreq Snapp. The newly added service provides access to international markets including foreign equities, gold trading and foreign currency accounts and allows customers to open and trade various investment products.
As of 2018, reported total trading volumes currently stand at 68.179 trillion dollars globally.
Speaking about the new service, Aref Al-Ramli, Head of Digital Banking and Innovation at Mashreq Bank, said, “As the region’s most progressive bank we have embarked on a journey of digital transformation that is empowering our customers through innovation, and enables them to experience banking differently.
“The launch of this new service effectively reduces barriers to trading and investing globally and simplifies the investment process, by enabling instant account openings and trades over a diverse range of geographies. Customers will also have the opportunity to make and manage their investments easily, 24 hours a day, at the touch of a button,” Al-Ramli added.
In addition to being able to open trading accounts instantly, customers can also make deposits from their original account, begin trading immediately and can withdraw any profits they make instantaneously. The app also features highly competitive pricing schemes across a number of international stocks, currencies and commodities allowing real time trading and access to charts, technical analysis tools and historical pricing data.
Al-Ramli, added: “Through the service, Mashreq customers will be able to trade in more than 30,000 stocks across over 100 stock exchanges around the world, including London and New York. They will also be able to buy and sell gold and foreign currencies instantly via the Snapp trading platform.”
Snapp has also been recently upgraded with unique new features such as transferring credit card balance from other banks, quick remittances to Pakistan, Mashreq Pay and Samsung Pay.
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