Dubai Financial Market (DFM) has appointed Standard Chartered as a settlement bank. With this appointment, Standard Chartered will be maintaining DFM member’s cash accounts used to settle payment obligations associated with transactions executed on DFM.
Standard Chartered has been a licensed custody provider for DFM since the year 2008 and with this appointment, the bank is now the first international settlement service provider for the DFM.
Standard Chartered has developed several product offerings which are designed to meet the client’s specific needs and which include client account services, for the broker dealer and investment manager community as well as cash management offerings including liquidity management, collections and payment services.
Maryam Fikree, COO, SVP for clearing, settlement and depository division at DFM, said: “The appointment of Standard Chartered is part of DFM’s ongoing commitment to our members and clients by offering them a diversified choice of local and international settlement banks. We are confident that Standard Chartered will enrich the settlement services offered to DFM and our members.”
Haytham El Maayergi, managing director and head of transaction banking in the UAE for Standard Chartered, said: “This appointment comes as a testament of the trust between the market and Standard Chartered. Our appointment today will allow us to expand our product offering for the investors and intermediaries client segment and will allow us to provide them with our world class transaction banking and cash management services.”