Through this collaboration, StashAway clients can set up recurring deposits via the app within two minutes, using Lean’s FastTransfer payment feature.
This is the first time that open banking has been used to power recurring deposits in the UAE, making it easier for people to focus on their investment goals regardless of market volatility.
General Manager of StashAway MENA, Joseph El Am, said: “We’re proud to be the first in the UAE to offer an innovative solution for dollar-cost averaging into the market, offering investors a hassle-free way to build wealth over the long term.”
Lean is regulated in the UAE by the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority.
Chief Operating Officer at Lean, Mehdi Tazi, said: “Teaming up with StashAway has allowed us to break new grounds in investment accessibility and financial inclusion.”
On 23 August 2022, the Saudi Central Bank (SAMA) authorised Lean to operate under the Regulatory Sandbox and provide open banking solutions, therefore, becoming an Open Banking Technical Service Provider (TSP).
It is worth noting that Singapore’s StashAway currently operates in the MENA region, as well as Malaysia, Hong Kong, and Thailand