Commercial Bank of Dubai (CBD) has launched a robo-advisory investment application, as demand for online trading grows.
The bank worked with Belgium-based wealthtech company InvestSuite to develop “CBD Investr,” a mobile application that uses smart algorithms to actively manage investment portfolios.
“CBD Investr offers customers convenient access to globally diversified and personalized portfolios of stocks, bonds and other asset classes using low-cost exchange traded funds (ETFs),” it said in a statement.
Customers can use the app without a bank account with CBD.
Robo-advising trading platforms including Robinhood, e-Toro, and the UAE-based Sarwa has been gaining traction in recent years, even accelerated by the pandemic.
One study said assets under management in the robo-advisory sector could reach up to $2.845 trillion in 2025.
Some analysts argued this demand is due to the fact that these platforms offer relatively lower fees, and give users more flexibility in their investment amounts.
Source: Arab News