LiveFX provides retail clients with customized market updates, latest FX news, and the Bank’s investment views, in addition to market data, price charts, technical analysis, buy/sell ratio and FX polls. The bank also offers a programme that rewards trading volumes.
Standard Chartered Bank has launched an online platform that allows retail clients to make FX conversions in real time, gain market insights and place limit orders anytime.
LiveFX is available within the Standard Chartered Mobile App and on Online Banking as the bank introduces the platform in Singapore, ASEAN and South Asia.
The service includes an automatic membership programme that rewards clients for the FX transactions they perform, which entitles to different tiers of rewards depending on the accumulated amounts. The higher the tier, the lower the spread. Spreads drop from 20 to 30 per cent with each upgrade.
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.”
The bank has recently announced a plan to establish a Foreign Exchange (FX) e-trading and pricing engine in Singapore to be launched with support from the local regulator by Q1 2020. The infrastructure will bring access to the liquidity of 130 currencies and more than 5,000 currency pairs in Spot, Forward, Swaps, Non-deliverable Forwards (NDFs) and Options, as well as commodities e-trading for both Precious and Base Metals.
In late 2018, Advanced Markets signed Standard Chartered Bank as a foreign exchange prime broker for its Direct Market Access (DMA/STP) liquidity infrastructure.