Standard Chartered, the UK- and Hong Kong-listed lender, is hoping to cash in on one of the world's biggest investor bases with the launch of its 3-in-1 Account for non-resident Indians (NRIs).
The bank says the new account is designed to open up investment markets in India for NRIs, which "collectively account for the third-highest investor base in the world with over 20 million investors".
Standard Chartered's 3-in-1 account comes with a non-resident bank account, portfolio investment service and a Demat brokerage account. The new service creates a single login facility for bank, trading and depository accounts, and provides online access to a range of investment vehicles, such as cash equities, initial public offerings, bonds, debentures, mutual funds and derivatives.
"There is tremendous potential for NRIs to enhance their participation in the Indian markets and we are providing the right platform to bridge the gap between NRIs and various investment products in India," says Sumeet Bhambri, the regional head of wealth management (Middle East) for Standard Chartered.
The account also provides online portfolio monitoring, online access to consumer equity strategy reports, online details on holdings and transactions, and multiple channels for execution of trades.
Customers can also choose from two online trading platforms: Easy Trade, which is the user-friendly browser version, and Advance Trade, which is the applet-based version.
"The NRI 3-in-1 account allows NRIs to access multiple products with transactional ease and convenience, while complying with complex NRI regulations," Mr Bhambri says.
Standard Chartered has also launched a remittance promotion that rewards senders of money to India. Until May 31, 1 per cent of the remittance amount will be credited to the sender's account. Telegraphic charges have also been waived, as well as the receiving bank's charges.
Conditions apply, but go to www.standardchartered.ae for more information.
United National Bank (UNB), the Abu Dhabi-based lender, has tied up with Gemalto, the Amsterdam-headquartered digital security company, as part of its plans to migrate to the more secure EMV standard for its debit and credit cards.
EMV - or Europay, MasterCard and Visa - is a global standard for chip and PIN cards that offers banking customers greater security when using their credit and debit cards.
UNB is converting its portfolio of debit and credit cards to Dynamic Data Authentication (DDA) smart cards, which also helps to reduce fraud at cash machines by detecting counterfeit cards. "Gemalto's EMV DDA card will further add to our customers' convenience while upholding the highest safety standards," says Ashraf Bibars, the senior vice president and head of retail banking at UNB.
"Leveraging the successful migration in the UAE, we will be looking into expanding EMV roll-out in other countries of operation including Kuwait and Egypt."
Gemalto has already helped more than 30 financial institutions in the GCC to switch to the EMV standard.
For more information, go to www.unb.ae.