Swissquote Bank, a public lender in Switzerland, said its regional subsidiary has received a category 4 licence from the Dubai Financial Services Authority (DFSA) to start its operations in the UAE.

With this, Swissquote Bank MEA will offer an array of banking services across the UAE, GCC and the wider Mena region for retail banking and professional clients as well as for asset managers and other financial institutions.

The bank also launched its first retail product in the region, the expat account, which is an All-In-One multi-currency account for Trading and Savings with distinctive advantages to the clients.

Swissquote Bank now operates two offices in Dubai and intends to increase its total staff numbers from 20 to 25 in the coming months.

The Swiss Bank business model is based on providing the latest financial trading technology to both retail and professional clients, including advanced management tools for professional asset managers and institutions.

The progressive integrated asset management platform allows multiple client’s assets management on one online platform enabling grouping of orders, independent and programmable fee structures and even grouping of clients by strategy.

For retail clients, Swissquote has launched the expat account which is aimed at members of the expat community living in 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.

Commenting on the bank’s expansion, CEO Mario Camara said: “We are really honoured to have successfully fulfilled all the requirements by the DFSA and the UAE Central Bank in order to conduct our financial services through the DIFC. We aim to provide the entire range of our exclusive Swissquote banking services in the Middle East."

"Through the acquisition of ACM ME DMCC, ranked as a FX pioneer, and the gaining of these banking licenses, we are strengthening our presence in one of the fastest growing regions in the world," noted Camara.

"The ongoing economic boom in the region has resulted in exceptional business opportunities and increase of the expatriates who are in need of advanced and innovative financial solutions," he added.-TradeArabia News Service