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Dubai bank launches robo-advisory investment app

Commercial Bank of Dubai has become the first banks in the region to use robo-advisory investment solution by launching the “CBD Investr app.” Developed in partnership with InvestSuite, a leading wealthtech company based in Belgium, this innovative investment app is powered by smart algorithms that actively manage investment portfolios to deliver optimal risk-adjusted performance.

Using the app, customers can access globally diversified and personalized portfolios of stocks, bonds and other asset classes using low-cost exchange traded funds (ETFs). These portfolios are tailored based on customer’s specific goals, risk appetite and investment time horizon and are actively monitored and optimised based on changing market conditions to deliver the best possible performance over the long term.

Customers can start investing by downloading the CBD Investr app and registering using their Emirates ID and answering a few questions to assess their risk profile and create a personalized portfolio. Customers do not need a CBD bank account to fund their portfolios and can make a local transfer from any bank account in the UAE. Customers can start investing with just $500 and withdraw at any time, without any charges.

Commenting on the development, Dr. Bernd van Linder, chief executive officer of Commercial Bank of Dubai, said, “Digital technology is disrupting the financial industry and is a key strategic priority for CBD as part of its vision to be ‘default digital’. We believe the next wave of disruption will be in the investment industry and our goal is to provide state-of-the art investment services to all individuals across the region. We are delighted to launch CBD Investr, an innovative app leveraging cutting-edge technologies to deliver a world-class investment solution which will help customers grow their wealth in a simpler, more transparent and affordable manner.”

Meanwhile, Bart Vanhaeren, CEO and co-founder of InvestSuite said, “When CBD, a recognized digital leader in the Middle East, selected us to work with them to launch cutting edge digital wealth solutions, we were more than thrilled. Our team was truly impressed by CBD’s holistic vision for wealth management, unparalleled speed and their technological capabilities. Our cooperation is proof of the new, emerging ecosystem, consisting of financial institutions, core banking providers, management consultants & fintechs, with each bringing their unique strength. We are convinced that the CBD Investr platform is a game changer for their current and new customers.”

As part of the planned enhancements in the next few months, the app will include a virtual portfolio feature which will allow customers to create portfolios and monitor actual performance before investing money. In addition, the app will also introduce a self-investment solution for more experienced investors who want to buy and sell global stocks and ETFs.