HomeBanking & FinanceSaxo Bank upgrades Dubai to hub

Saxo Bank upgrades Dubai to hub

Mario Camara Saxo’s Head of MENA

|By Arabian Post Staff| After posting a 10 per cent year-on-year rise in MENA region profits in 2017, Saxo Bank, the online multi-asset trading and investment specialist, has consolidated its high-performing Dubai station as its regional hub of operations.

The double-digit annual profit growth across the region, which has elevated MENA to the company’s third most profitable operation this year, had led Saxo’s Head of MENA, Mario Camara, to predict a “bullish” forecast for further growth in 2018 – a year when Saxo will launch a series of new programmes to continue diversifying its client base.

“We have seen many new investors interested in trading across international financial markets emerge in the fourth quarter of 2017 – and we anticipate this trend continuing into 2018, the region is bullish in overseas investments and full of potential,” said Camara. “Our focus lies in three key areas: catering to women in finance and fintech, accessibility and ease of use for new investors, and supporting entrepreneurs to preserve wealth.”

Dedicated to enable High Net Worth Individual (HNWI) investors and asset managers preserve and grow wealth, Saxo Bank’s global strategy to democratise the online trading landscape has also taken root in the region.

Having held its first exclusive event for regional female finance professionals in November via a partnership with Dubai Business Women Council (DBWC), Saxo is committed to empowering the region’s female investors in 2018 and beyond.

“Women continue to play an increasingly crucial role not only in business but also in government. We are witnessing this across this region with more Emirati women opting to forge their own path as industry decision-makers, business leaders, entrepreneurs and investors,” said Camara. “Saxo has already identified a number of asset management firms in the GCC which were founded by women and are successfully led by women and whom would make good mutual partners with Saxo.”

In 2018, Saxo Bank is also keen to increase access to invest in global markets for new-to-market individuals via a fully digital account called the ‘Essential’, which offers only specific products and spread allowances to limit the risk for beginner investors. “We’re targeting entrants to the financial trading world and will limit the risk these smaller investors can take in exchange for guaranteeing their account will not be allowed to go into negative territory.”

As the Middle East, championed by Dubai, progresses towards complete digitisation, Saxo Bank is also energised by a growing community of FinTech innovators benefiting from government-level initiatives designed to support entrepreneurs.

“The Dubai government’s incentives to enhance digitalisation and encourage young entrepreneurs with FinTech start-ups have created a number of interesting firms that have developed great solutions for democratising financial investments in novel ways,” said Camara.

“We saw the initiative crystalise when the DIFC Authority created the FinTech HIVE at DIFC and the DFSA’s creation of the ‘Innovation Testing Licence’.  As a 25-year-old FinTech pioneer, we do not consider young FinTech entrepreneurs competition, but consider them natural partners who share our vision and DNA – we are very excited to support them in their nascent stage.”

Also published on Medium.

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