“We are breaking down these barriers.” That is how Standard Chartered Malaysia’s Sammeer, managing director and head of consumer, private and business banking, described SmartStocks, the bank’s new online share trading platform.
The Star reported that SmartStocks lets clients in Malaysia trade on 12 exchanges across seven global markets from a single account. The bank’s statement named the following: Bursa Malaysia, Singapore Exchange, the Hong Kong Stock Exchange, the New York Stock Exchange, NASDAQ, US OTC, BATS Global Markets, the Australian Stock Exchange, the Tokyo Stock Exchange and the SIX Swiss Exchange.
A single brokerage rate covers all of them. For Priority Private clients it can fall to zero percent. RinggitPlus noted that rates follow simple tiers that apply in every market, and that trades are done at real-time exchange rates.
The problem the bank points to
Sammeer said retail investors in Malaysia “are still facing challenges to gain access to global markets, with high transaction fees remaining a huge concern.”
SmartStocks, he said, makes it “more convenient and affordable for our clients to diversify into stocks across multiple markets onshore.”
He also tied the platform to the bank’s wider plans. It will strengthen the wealth management offer, he said, in line with a focus on the affluent segment and on taking personal banking services further online.
Getting started
There is no charge to open a SmartStocks account. Customers apply online, then key in a one-time password sent to their registered mobile number. Once the account is opened, trading can start, RinggitPlus reported.
Sources
- Standard Chartered Malaysia launches SmartStocks
- Standard Chartered Launches Global Equities Trading Platform, SmartStocks
Sources
- Standard Chartered Malaysia launches SmartStocks to provide …
- thestar.com.my/business/business-news/2022/09/01/standard…
