Deutsche Bank has launched its FX trading platform, Autobahn, in Pakistan, as it marks higher client demand for cross-border banking solutions and increased uptake of digital banking tools.
The Autobahn offers 11 currency pairs to the Pakistani rupee. It also offers corporate and institutional clients online access to manage cash and liquidity positions, digital access to dedicated services like trade finance, trust & agency services and securities services.
Deutsche Bank Pakistan Chief Country Officer Syed-Kamran Zaidi said: “Pakistan is benefitting from growing trade volumes 24 percent 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 percent of Pakistan’s total trade volumes.”
The bank’s Global Emerging Markets desk was set up in Pakistan in 2019. Cross border FX trade volume has increased by 17% over the last two years despite the global pandemic, Deutsche Bank said in a statement.
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, it said.
(Writing by Seban Scaria; editing by Daniel Luiz)