CaixaBank launches the FXNow online platform in Morocco

The platform offers advanced technical analysis tools to determine the best time to make a trade, as well as a news section gathering the most relevant information on market events.

The Spanish financial institution CaixaBank has announced the launch of an online platform that allows customers to exchange currencies in real time, without intermediaries, in Morocco.

The online platform, FXNow, has been adapted to the Moroccan market, ensuring compliance with local regulatory requirements and allowing trading of different currencies.

FXNow was designed to prioritize user-friendliness, user-friendly and convenient interface, agility with two-click execution and easy registration, through which users can sign documents online.

CaixaBank claims to be the only Spanish bank in Morocco to combine international transfers made through online banking with online exchange rate management services.

FXNow has thus gone international a year and a half after its launch in Spain and more than 15,000 transactions executed since October 2020, for a total of 3 billion euros in volume. The bank plans to expand further and launch FXNow in other countries where the bank operates.

The platform offers advanced technical analysis tools to determine the best time to make a trade, as well as a news section gathering the most relevant information on market events.

CaixaBank has had a banking license in Morocco since 2009, where it has three branches in the cities of Casablanca, Tangier and Agadir. According to ICEX data, around 60% of the 800 Spanish companies operating in the country are clients of a local branch of CaixaBank.

CaixaBank has launched OpenWealth, an independent, global advisory service for the bank’s Ultra High Net Worth Individuals (UHNWI) clients.

The wholly-owned subsidiary of the CaixaBank Group will offer this service, a “Multifamily Office” offer, only to customers with assets of more than 50 million euros.

Clients with significant assets will be offered a bespoke service that selects the best service providers for each need, then conducts in-depth analysis and due diligence on all available options in the market.

The launch aims to be a pioneering model in the Spanish banking sector as OpenWealth will operate completely independently. This means that companies outside the CaixaBank group will also be able to provide advisory, discretionary portfolio management, RTO and custody services.

The goal is to meet client needs – from the process of strategic asset allocation and providing consolidated information to sourcing domestic and international suppliers when specific services are required.

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