Page 65 - AAE PR REPORT - January 2024

1/15/24, 9:18 AM UAE's biggest banks turn apps into stock trade platforms - is this next big battle in financial services? | Banking – Gulf News
One thing has to be said about UAE banks – they sure have been quick learners. They

did the same when it came to being the choice for remittances and thus prove to be

some heavy competition for the long-established standalone currency exchange houses
in the UAE.

It is no longer about big banks or number of

branches, it is about the services your app

gives

- Mazen Salhab of BDSwiss MENA

These days, remittances through bank apps could be as high as 25-35 per cent of the
overall, according to some estimates. Other suggest it’s much higher than that.

“It is no longer about big banks or number of branches, it is about the services your app
gives,” said Mazen Salhab, Chief Market Strategist at BDSwiss MENA. “And how you

rely on one sophisticated app for full access to conventional banking operations, global

markets and tradable assets.

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