1 year ago
84 Spanish financial institution CaixaBank has announced the launch of an online platform that enables customers to trade currencies in real time, without intermediaries, in Morocco.
The online platform, FXNow, has been adapted to the Moroccan market, ensuring compliance with local regulatory requirements and accommodating different currencies trading.
FXNow was designed to prioritize usability, a user-friendly and convenient interface, agility with two-click execution, and easy registration, whereby users can sign documents online.
FXNow will soon be launched in more countries
CaixaBank says it is the only Spanish bank in Morocco to combine international transfers made through online banking with online exchange-rate management services.
FXNow has thus become international a year and a half after its launch in Spain and more than 15,000 transactions executed since October 2020, amounting to a total of €3 billion in volume. The bank has plans to expand further and launch FXNow in other countries where the bank operates.
The platform features advanced technical analysis tools to determine the best time to make a transaction, as well as a news section aggregating the most relevant information on market events.
CaixaBank has had a banking licence in Morocco since 2009, where it has three branches in the cities of Casablanca, Tangier and Agadir. According to ICEX data, around 60% of the 800 Spanish companies operating in the country are customers of a local CaixaBank branch.
OpenWealth for super rich
CaixaBank has launched OpenWealth, an independent and global advisory service for the bank’s Ultra High Net Worth Individuals (UHNWI) customers.
The subsidiary fully owned by the CaixaBank Group will provide this service , a ‘Multifamily Office’ offering, only to customers with assets amounting to over €50 million.
Customers with large asset holdings will be offered a bespoke service that selects the best service providers for each need and then conducts an in-depth analysis and due diligence on all the options available on the market.
The launch aims to be a pioneering model in the Spanish banking sector as OpenWealth will operate with complete independence. This means that companies outside the CaixaBank Group will also be able to provide advisory, discretionary portfolio management, RTO and custody services.
The goal is to fulfil customers’ needs – from the strategically allocating assets process and providing consolidated information to searching for national and international providers when specific services are required.
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