FX broker Dukascopy today said it has entered into a white label partnership with “Bank SICH” as the Ukrainian bank is extending its product suite to include Forex and CFDs trading. As per the deal, Bank SICH’s clients can now trade on Dukascopy’s flagship platform, JForex, the forex bank said on its website.
The deal will allow SICH to offer Dukascopy’s liquidity, IT infrastructure and technology through its suite of Forex trading interfaces, operating under the brand name “PowerBank®Trade”, which is regulated by the National Bank of Ukraine. It also leverages SICH’s license, local bank relationships, and regional expertise to further promote Dukascopy’s multi-asset liquidity and technology.
This collaboration also gives PowerBank®Trade’s traders access to the SWFX – Swiss FX Marketplace Liquidity, which brings together more than 20 major banks into a single ECN.
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White-label partnership simply implies less expenditure and faster deployment. It offers a ready-made platform with back-end, full-stack technology suite and functionality ready to be deployed. The platform can be easily customized by incorporating the partner’s brand logo while saving development time and cost.
Ukraine has recently revised its FX control rules, making the long-awaited move towards liberalization of foreign exchange markets. The regulations, which came into effect in 2019, cancelled mandatory sale of foreign currency, as well as restrictions on currency trading by locals.
According to its website, PowerBank®Trade is the first regulated banking forex platform in Ukraine. The brand was created through collective efforts by JSC BANK SICH in partnership with Dukascopy Bank SA. The broker offers a large number of familiar and non-standard currency pairs, trading in bank metals, as well as a personal account.
Established in 2011, BANK SICH is a universal bank that have over $31 million in clients assets under custody. It provides all basic banking transactions on the financial services market, specializing in the retail business and working with small and medium enterprises.