StashAway And Lean Technologies Lead The Way In Simplifying Investing Through Payment Innovation
In an industry-first collaboration, investors can now set up recurring deposits via StashAway within 2 minutes – making it easier than ever for people to build wealth over the long term
Press Release: Dubai, UAE – 19th September 2023 – StashAway, a leading regional investment platform, and Lean Technologies (Lean), the largest Open Banking platform in the Middle East, proudly announce a collaboration aimed at streamlining the investment process in the UAE. This partnership introduces the UAE’s first-ever open banking-powered solution that allows for recurring deposits, empowering people to stay committed to their investment goals regardless of market volatility.
Investing consistently at regular intervals, a time-tested strategy known as dollar-cost averaging (DCA), can help investors navigate short-term volatility to achieve longer-term returns. By committing to a set schedule, investors can stay invested without having to worry about ‘timing the market’, enabling their investments to compound over time. Historical data illustrates the effectiveness of long-term investing: Over the last 40 years, the S&P 500 has grown 81x, representing returns of 11.5% per annum.
However, implementing such a strategy in the UAE is often challenging due to a lack of digital infrastructure supporting automated investing. Traditionally, investors could only make recurring payments by either establishing a standing order with a limited number of banks – a process that is not only complex, but could even require a trip to a physical branch – or via debit cards, which would result in high fees on every transaction.
“As an investor myself, I’ve experienced firsthand the frustrations of automating my investments through a bank. At StashAway, we believe that investing should be simple and stress-free – so we knew that we had to make a change,” said Joseph El Am, General Manager of StashAway MENA, “Collaborating with Lean Technologies to pioneer a brand-new feature for recurring deposits was the logical next step for us. 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.”
Through the integration of Lean into the StashAway app, StashAway clients can effortlessly establish a recurring deposit in just two minutes. Clients can seamlessly link their preferred bank account, specify the recurring amount, and set a deposit cadence – all without leaving the StashAway app.
“At Lean Technologies, we thrive on pushing the boundaries of financial innovation. Teaming up with StashAway has allowed us to break new grounds in investment accessibility and financial inclusion. The FastTransfer payment feature represents a novel application of Lean’s Payments API. It provides a one-of-a-kind user experience to Stashaway customers, simplifying a previously tedious process into just a few clicks. It has been a pleasure to work with the Stashaway team building a solution that positively impacts how individuals approach their financial well-being. We invite investors across the UAE to take charge of their financial future with speed, security, and convenience powered by Lean Technologies and StashAway,” said Mehdi Tazi, Chief Operating Officer at Lean Technologies.
Using the FastTransfer payment method, clients will benefit from swifter and secure transactions. Deposits of up to 25,000 AED will be reflected on the StashAway app within a few hours, while larger transfers may take slightly longer (up to 1.5 business days), depending on the respective banks’ transaction policies. Transactions via Lean are protected by bank-grade security measures, so clients are assured that their financial data will always be kept safe.
Clients will also have the flexibility to adjust the deposit amount and frequency, as well as approve or skip individual transactions, empowering them to continuously fine-tune their financial plans in alignment with their life goals.
As a result, investors can now effortlessly DCA into one of StashAway’s globally-diversified investment portfolios, or consistently allocate cash savings toStashAway SimpleTM, an ultra-low risk cash management solution offering a competitive projected rate of 4.5% p.a. (as of 18 September).
For more information on StashAway, please visit www.stashaway.ae.