A Malaysian investor who wanted to buy shares in New York, Tokyo or Zurich used to need separate arrangements for each market. Standard Chartered Malaysia now says one account will do. The bank has launched SmartStocks, an online share trading platform that reaches 12 exchanges across seven global markets.
The Star reported that the exchanges include Bursa Malaysia, the 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. Clients can trade using real-time exchange rates, according to RinggitPlus.
Fees and sign-up
One brokerage rate applies across the platform. Depending on the client segment, it can drop as low as zero percent, a level the bank reserves for its Priority Private clients.
Opening an account costs nothing. Existing Standard Chartered customers apply online, then enter a one-time password (OTP) sent to their registered mobile number. Trading can begin once the account is approved.
What the bank said
Sammeer Sharma, the bank’s managing director and head of consumer, private and business banking, tied the launch to a gap he sees in the market. “Malaysian retail investors are still facing challenges to gain access to global markets, with high transaction fees remaining a huge concern,” he said.
He added that the bank wants to make it “more convenient and affordable for our clients to diversify into stocks across multiple markets onshore.”
Sharma said SmartStocks will strengthen the bank’s wealth management proposition, in line with its focus on the affluent segment, and push more of its personal banking services online.
Sources
- Standard Chartered Launches Global Equities Trading Platform, SmartStocks
- Standard Chartered Malaysia launches SmartStocks
Sources
- Standard Chartered Launches Global Equities Trading Platform …
- thestar.com.my/business/business-news/2022/09/01/standard…
