Standard Chartered rolls out online FX service to Middle East

17 July 2012

Standard Chartered Bank has launched an enhanced online banking foreign exchange (FX) offering in the Middle East via its Straight2Bank platform, which can be accessed via the net or mobile devices, and handle currency conversions for businesses.

The Singapore-based bank says that the new service brings a choice of 130 global currencies to clients in the United Arab Emirates (UAE), Bahrain, Oman and Qatar and is accessible to its corporate clients via the bank’s online banking platform, which can equally be accessed on mobile handset devices, if not natively. Clients will be able to instantly access international trade currencies within Straight2Bank, says Standard Chartered, and accelerate currency payments across the Middle East, Asia and intra-Middle East trade relationships.

In addition to a wider choice of trade currencies, corporate clients can also access instantaneous foreign currency quotations, again using the Straight2Bank corporate online banking portal Straight2Bank. The request for quote (RFQ) feature allows customers to bypass having to call for currency quotations from a bank’s local treasury desk, in order to trade in a company’s currency of choice. They can instead receive an almost instantaneous quotation by selecting their currency and volumes for conversion online, with the option to accept or decline within minutes.

By Neil Ainger

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