Sampath Bank and Ustocktrade LK join hands to simplify investment in foreign securities

Monday, 26 March 2018 00:00 -     - {{hitsCtrl.values.hits}}

Sampath Bank Managing Director Nanda Fernando handing over the MoU to Ustocktrade LK Managing Director Tony Weerasinghe in the presence of representatives from Ustocktrade LK and Sampath Bank (from left): Ustocktrade LK Director Umesh Wanigasekera, Sampath Bank PLC Group Chief Information Officer Ajith Salgado, Ustocktrade LK Managing Director Tony Weerasinghe, Sampath Bank PLC Managing Director Nanda Fernando, Sampath Bank PLC Senior Deputy General Manager – Consumer Banking Tharaka Ranwala, Sampath Bank PLC Deputy General Manager – Operations Dinusha Ihalalanda and Sampath Bank PLC Head of Marketing Nadi B. Dharmasiri 

Sampath Bank PLC has entered into a Memorandum of Understanding (MoU) with Ustocktrade LK Ltd. (ULPL) to enable investors pay conveniently when trading in securities listed on stock exchanges across the United States of America (USA) through the Ustocktrade app.

Under this agreement, Sampath Bank Personal Foreign Currency (PFC) accountholders will soon be able to link their account to the Ustocktradeapp and use it to pay for all the trades they make using the app. Team Sampath had worked on the integration of the Bank’s services into the trading platform.

Thus, Sampath Bank will be creating history once again, becoming the first bank in Sri Lanka to allow accountholders to directly use the funds in their accounts to trade in foreign securities. This adds to the appeal of the Ustocktradeapp which eliminates the need for stock brokers to trade in US securities, making such investments more affordable.

ULPL is the locally registered company of Ustocktrade Securities, Inc., a company duly incorporated in USA. The Ustocktrade app is the first ever mobile based foreign securities investment solution to have been introduced to Sri Lanka.