eToro has announced a strategic partnership with Lean Technologies to enable its customers in the UAE to deposit funds instantly in UAE dirhams, leveraging open banking technologies to simplify the investment process and enhance the user experience.
Article contents:
- Strategic partnership to simplify investment in the UAE
- What is open banking and how does it work?
- Benefits of instant deposits for eToro users
- Leadership statements highlighting the importance of the partnership
- Strengthening the UAE’s fintech ecosystem
- eToro’s ongoing efforts to localize its services
- Special offer for users
- Frequently asked questions
Strategic partnership to simplify investment in the UAE
In a significant move to strengthen its presence in the UAE market, global trading and investment platform eToro announced a new partnership today with Lean Technologies, a leading fintech infrastructure platform. This partnership aims to provide instant AED bank transfer services to all eToro clients residing in the United Arab Emirates, marking a qualitative leap in the ease and security of funding trading accounts.
What is open banking and how does it work?
This initiative relies on the concept of “open banking,” a financial innovation that allows financial data to be shared between banks and authorized fintech companies with customer consent. Thanks to this technology, the new partnership makes eToro one of the first multi-asset global investment platforms in the country to leverage a locally regulated open banking service provider to offer instant and secure deposits in the local currency.
Benefits of instant deposits for eToro users
Once an eToro account is linked to a local bank account, users in the UAE will be able to deposit funds within seconds, all without leaving the eToro app. This seamless process eliminates cumbersome traditional procedures, such as manually entering bank card details or switching between different apps to complete a transfer. Key benefits for users include:
- Speed: Deposits are processed almost instantly.
- Simplicity: Streamlined steps and elimination of unnecessary friction.
- Security: Reduction of manual errors and fraud risks.
- Convenience: Funding the account directly from within the app.
Leadership statements highlighting the importance of the partnership
Doron Rosenblum, eToro’s VP of Business Solutions, said: “We are proud of what we have achieved in becoming one of the first global investment platforms to offer instant bank transfer services to our clients in the UAE. Open banking is a powerful innovation that will reshape how money is managed. By integrating these capabilities, our users will experience a faster, easier, and more secure funding experience.”
On his part, Omar Hamada, VP of Sales and Partnerships at Lean, stated: “Our partnership with eToro ensures that clients in the UAE can fund their accounts instantly and securely, while avoiding the complexities and costs imposed by traditional payment methods. The process has become much smoother, giving users a faster and safer way to fund their accounts.”
Strengthening the UAE’s fintech ecosystem
George Naddaf, eToro’s Managing Director for the Middle East and North Africa, added: “Both eToro and Lean Technologies are regulated and supervised by the Abu Dhabi Global Market. This partnership underscores our commitment to working with trusted, locally licensed partners to enhance the user experience and contributes to solidifying the rapid growth of the fintech ecosystem in the UAE.”
eToro’s ongoing efforts to localize its services
This initiative adds to a series of efforts by eToro to localize its services and products to suit the region’s needs. These efforts include opening its office in Abu Dhabi, enabling trading in stocks listed on the Abu Dhabi Securities Exchange and Dubai Financial Market, and integrating the UAE Pass digital identity platform into the account opening process, aiming to provide a carefully tailored experience for investors in the UAE and the MENA region.
Special offer for users
To celebrate this partnership, eToro announced a special offer for its clients. From now until December 31, 2025, clients who fund their accounts in AED via instant bank transfer will be exempt from currency conversion fees when converting deposit amounts to US dollars.
Frequently asked questions
Q1: Is the instant transfer service secure?
A1: Yes, the service is extremely secure. It utilizes open banking protocols that require explicit user consent for every transaction and takes place through encrypted channels under the supervision of regulators such as the Abu Dhabi Global Market.
Q2: Are there any additional fees for using this service?
A2: The service is designed to be cost-efficient. Additionally, eToro is offering a current promotional campaign that waives currency conversion fees from AED to USD until the end of 2025.
Q3: Which banks support this feature in the UAE?
A3: Lean Technologies supports integration with most major banks in the United Arab Emirates. Users can check the list of available banks directly within the eToro app when selecting the instant deposit option.
