Sampath Bank and Ustocktrade LK Join Hands to Simplify Investment in Foreign Securities

Mr. Nanda Fernando, Managing Director, Sampath Bank PLC handing over the MoU to Mr. Tony Weerasinghe, Managing Director, Ustocktrade LK (Private) Ltd. in the presence of representatives from Ustocktrade LK and Sampath Bank.

(From left - UmeshWanigasekera, Director, Ustocktrade LK (Private) Ltd.; Ajith Salgado, Group Chief Information Officer, Sampath Bank PLC; Tony Weerasinghe, Managing Director, Ustocktrade LK (Private) Ltd.; Nanda Fernando, Managing Director, Sampath Bank PLC; Tharaka Ranwala, Senior Deputy General Manager -Consumer Banking, Sampath Bank PLC; DinushaIhalalanda, Deputy General Manager – Operations, Sampath Bank PLC and Nadi B. Dharmasiri, Head of Marketing, Sampath Bank PLC)

Sampath Bank PLC has entered into a Memorandum of Understanding (MoU) with Ustocktrade LK (Private) Ltd (ULPL) to enableinvestors pay conveniently when tradingin securitieslisted on stock exchanges acrossthe United States of America (USA) through the Ustocktradeapp.

Under this agreement, Sampath Bank Personal Foreign Currency (PFC) accountholders will soon be able to link their account to the Ustocktradeapp and use it to pay for all the trades they make using the app. Team Sampath had worked on the integration of the Bank’s services into the trading platform.

Thus, Sampath Bank will be creating history once again, becoming the first bank in Sri Lanka to allow accountholders to directly use the funds in their accounts to trade in foreign securities. This adds to the appeal of the Ustocktradeapp which eliminatesthe need for stock brokers to trade in US securities, making such investments more affordable.

ULPL is the locally registered company of Ustocktrade Securities, Inc., a company duly incorporated in USA. The Ustocktradeapp is the first ever mobile based foreign securities investment solution to have been introduced to Sri Lanka.