Standard Bank to launch new forex trading app

Standard Bank will unveil a new forex trading app, set to go live on the Apple and Android app stores over the coming days.

Through the new app, customers will be able to buy a number of different currencies at a live rate, and store the funds digitally.

Standard Bank said in July that its mobile traffic is growing  at 100% annually as customers embrace more convenient and efficient solutions for their banking needs.

During 2015, 825 million financial transactions worth R430 billion were processed through the banking app.

As a consequence of this, branch transactional volumes have declined and ATM and branch transactions now make up less than 5% of total banking transactions.

The bank said that 95% of its transactions are already electronic, while it is processing substantial volumes, with approximately 570 million transactions processed in 2015, 27% more than in 2014.

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