First Japanese signs for Wafatadawul
Dubai, April 10, 2008
Wafa Financial Services has recently processed the first online transaction to the UAE from Japan.
A Japanese customer who signed for Wafatadawul, Wafa’s state-of-the-art on-line trading system, became the first from his county to utilise the new service which allows online trading from outside the UAE.
Wafa Online Trading E-Business Manager Hatem Abdo said the online trading offers constant connection with local financial markets.
“Wafatadawul provides online traders with live and direct quotes for GCC Market in addition to financial charts and a warning system thru SMS or email,” Abdo said.
“This first transaction from Japan shows that we truly are providing a global service which is ready to be utilised.”
Wafatadawul is being positioned as the primary online trading option for the GCC, MENA Stock Market.
An average of 100 online transactions are being processed daily on the new system and Wafa expect this number to grow as word spreads and people become used to the idea of online trading.
There are around 40 companies in the UAE who offer online trading, but in December 2007 the Securities and Commodities Authority (SCA) issued new rules and regulations for online trading, allowing four months for companies to comply with the new rules.
Wafa was the first to comply and be awarded the new license from SCA, the company said.
Wafa Financial Services offers a complete range of financial services to a range of clients that include government bodies, insurance companies, multi-national corporations and individuals, it added. – TradeArabia News Service