SICO LIVE Becomes the First Regional Online Platform to Offer E-settlement and Electronic Cash Transfer Facilities

The leading regional asset manager, broker and investment bank, became the first broker in the region to connect its online trading with real-time electronic cash management and FAWATEER settlement services through clients’ accounts with all retail banks on a national level. SICO’s online trading platform SICO LIVE provides clients with immediate access to their funds deposited with all retail banks in the Kingdom of Bahrain, which allows for seamless securities trading on the Bahrain Bourse and all other regional stock exchanges. This is a major enhancement to the previous method of settling trading transactions, whereby clients had to pre-fund their investment accounts before they could begin trading. The new service will instantly debit the client’s account for the trading value at the time the order is placed, and in the case of non-execution or partial execution of orders, the remaining balance will be returned to the customer’s bank account by day end. The new system offers more convenience and efficiency to SICO’s clientele, who can also benefit from a cash transfer facility to allow them to move funds online between SICO LIVE and their linked retail bank accounts.

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