SICO and BENEFIT partner to offer payment and settlement services for equities online trading
Manama – 16 October, 2017: SICO BSC (c), licensed by the Central Bank of Bahrain as a conventional wholesale bank, and BENEFIT Company, the Kingdom’s conduit for all electronic financial transactions, announced that retail investors will soon have seamless trading access to the Bahrain Bourse through the state-of-the-art sicolive online platform. The syncing of BENEFIT’s payment channels with sicolive allows investors to easily transfer funds from their retail bank accounts to their SICO investment accounts, offering an enhanced experience to retail investors in equity markets. Order management, position settlement, online access to trading accounts, and instant generation of statements are some of the other features offered through this first of its kind collaboration between BENEFIT and SICO, the leading broker and market maker on the Bahrain Bourse.
The announcement follows the signing of an agreement between SICO Chief Executive Officer, Najla Al Shirawi and BENEFIT CEO Abdulwahed Janahi, which will see the new service, the first of its kind in the region, go live before the end of this year. The agreement covers accounts at all banks in Bahrain that are members of BENEFIT.
Mr. Janahi said: “We are happy to play a role in bringing this innovative new service from SICO to investors in the Kingdom. I am sure that it will add tremendous value, giving bank customers convenience and access to SICO’s sophisticated trading services and market leading research. Traders will be better informed and up to date on both their own transactions and on market movements, while being able to more easily fund transactions and manage them through electronic channels, no matter which banks they hold accounts in.”
Ms. Al Shirawi added: “This is a further enhancement to our comprehensive, end-to-end sicolive online trading platform, which provides clients with brokerage, cash management, custody services, and more at the click of a button from their desktops or mobile devices. SICO’s simplified investment account opening process and value added services allow users to make the most of equity market opportunities, giving them access to live newsfeeds, real time quotes, and instant access to all investment account and transaction information. This will further empower our clients, allowing them to make more informed and cost effective investment decisions. The long term result will be increased liquidity on the Bahrain Bourse and a healthier stock market overall by allowing small investors seeking better income and capital growth to easily build and control their investments.”
About SICO BSC:
Headquartered in the Kingdom of Bahrain, and with a growing regional presence and international footprint, SICO is one of the premier wholesale banks in the GCC region. SICO provides a select range of investment banking solutions – brokerage, market making, treasury, equity and fixed income asset management, corporate finance, and custody and fund administration – which are underpinned by an independent, value-added research capability. Established in 1995, and listed on the Bahrain Bourse in 2003 as a closed company, SICO operates under a conventional wholesale banking licence from the Central Bank of Bahrain. The Bank has two wholly-owned subsidiaries: SICO Fund Services Company (SFS) – a specialised regional custody house; and SICO UAE – an Abu Dhabi-based brokerage firm licensed by the Emirates Securities & Commodities Agency.