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Deutsche Bank invests in FX trading in Pakistan

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March 26, 2022: Deutsche Bank today announced the launch of its award-winning FX trading platform, Autobahn, in Pakistan, offering 11 currency pairs to the Pakistani rupee.

The award-winning Autobahn trading platform offers corporate and institutional clients online access to manage cash and liquidity positions, plus digital access to dedicated services like trade finance, trust & agency services and securities services.

The platform launch in Pakistan reflects the bank’s strategic push into the market as it records higher client demand for cross-border banking solutions and increased uptake of digital banking tools.

Deutsche Bank Pakistan Chief Country Officer Syed-Kamran Zaidi said: “Pakistan is benefitting from growing trade volumes 24% up in 2021 in the corridors between the Middle East, Europe and Asia, so we are investing to support client participation in this cross-border trade. In 2020, the European Union accounted for 14% of Pakistan’s total trade volumes.”

The bank’s Global Emerging Markets desk was set up in Pakistan in 2019. Since then, the desk has been growing in terms of client volume and market activity. Cross border FX trade volume has increased by 17% over the last two years despite the global pandemic.

In addition to higher trade volumes, both foreign corporate clients and onshore institutional clients are increasingly turning to digital platforms to conduct business.

Head of Global Emerging Markets Pakistan Umair Choudhary said: “With Covid-19, clients have become more accustomed to using digital platforms and trading tools, even for complex transactions like foreign exchange hedging.

“Autobahn offers clients in Pakistan a comprehensive suite of digital FX solutions, including the most traded currency pairs USDPKR and EURPKR,” Choudhary added.

The introduction of Autobahn FX in Pakistan is the foundation for expanding Deutsche Bank’s digital payments, collection and hedging capabilities to serve clients’ local currency needs both onshore and overseas.

Some clients have already been onboarded onto the trading platform, which will be progressively rolled out to all clients in Pakistan.

The bank’s Pakistan branch has a full commercial banking license and provides corporate banking and investment banking services. It has one of the largest local custody businesses among all banks and facilitates more than 40% of onshore institutional investment flows.

 Press Release

 

Posted on: 2022-03-26T01:47:15+05:00

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