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Standard Investment Bank wins e-forex trader award

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A forex bureau in Nairobi. FILE PHOTO | NMG

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Summary

  • The investment firm was declared the best online forex trader during the recent Digital Tech Excellence awards — which recognised digital solutions that impacted positively on investors’ wealth.

Standard Investment Bank (SIB) has been feted for allowing Kenyan investors to buy precious metals such as gold, silver and copper as well as invest in US stock exchanges through its platform.

The investment firm was declared the best online forex trader during the recent Digital Tech Excellence awards — which recognised digital solutions that impacted positively on investors’ wealth. The Capital Markets Authority (CMA) granted SIB the first money manager licence, which allows the firm to invest offshore in forex and commodities on behalf clients in its product dubbed Mansa X.

The investment bank trades stock indices, currencies and commodities for clients who require a minimum of Sh250,000 to tap the global market.

SIB reckons the money manager beat the Nairobi bourse on returns for most of last year on higher gains from gold trading and investments in the S&P 500 — the index that measures the stock performance of 500 large companies listed on stock exchanges in the United States.

“This recognition is a true testament of the exceptional and exponential investment possibilities that Mansa X offers investors,” said Nahashon Mungai, head of global markets at SIB.

Under SIB precious metal trading, investors’ money will go into buying securities that own an underlying commodity such as gold.

underlying assets

The investors do not own the commodity directly, but instead, hold shares in the security whose value goes up or down in tandem with the value of the underlying asset.

“The investors have the ability to enter or exit in seconds because we are dealing in a global market abundant with liquidity,” said Mr Mungai.

A lack of liquidity had dimmed trading of the gold-backed assets, which was launched in March 2017, at the Nairobi Securities Exchange.

SIB is racing its revenue streams that include share and bond trading commissions as well as advisory fees.