Italian bank FinecoBank continues expanding its global currency offering for UK clients with the addition of Chinese Yuan to its currency portfolio.
From now on, the bank will offer its clients the possibility to open an account and hold Chinese Yuan via Fineco's online platform in what it has described as a move aimed at satisfying client demand in the global hub.
The move will also enable customers to swiftly exchange from one currency to another as well as to perform payments globally without having to worry about exchange rates or international money withdrawals.
Fineco has a unique offer for customers in the UK, providing the ‘one-stop shop’ for all their financial needs. Today’s announcement is a further step in reducing costs and eliminating hassle for them, enabling them to better manage their payments and investments.”
The announcement follows that in May,when seven other currencies were added to Fineco's multicurrency offer: Australian Dollars, Canadian Dollars, Japanese Yen, Russian Rubles, Mexican Pesos, Swedish Krona, and Turkish Lira.
These seven, alongside the Euro, US Dollar, Pound, South African Rand and Swiss Franc already available, brings the total number of currencies on offer via Fineco up to 13.
FinecoBank launched in the UK in mid-2017 after it received authorisation from the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority.
The bank has been offering brokerage, investment and multicurrency banking services specially geared to meet UK market needs since 2018.
Alessandro Capuano head of Global Brokerage & International Business Development said:"China is undoubtedly a country that offers great opportunities to investors and the Chinese currency is now among the most traded in the world. For this reason, the decision to add it to the other currencies available via the Fineco platform was clear.
"This expansion is a logical next step for the bank that enables customers to operate like a local in different markets around the world. The world is becoming smaller both for personal and business interests.
"Fineco has a unique offer for customers in the UK, providing the ‘one-stop shop' for all their financial needs. Today's announcement is a further step in reducing costs and eliminating hassle for them, enabling them to better manage their payments and investments."