Ustocktrade launching in Sri Lanka
Revolutionary online trading platform offers individual and institutional investors in Sri Lanka access to U.S. securities at an unprecedented $1 per trade, with sale proceeds credited the same day. Approved by the Central Bank of Sri Lanka, the platform is open to Sri Lankans with US dollar RFC or NRFC account with specified banks. Ustocktrade recorded historic success in the U.S., transacting over a billion dollars since its January 2016 launch and hailed as a tool for the democratization of wealth.
Tony Weeresinghe’s reputation as a successful innovator and disruptor in the financial services sector was established in his first venture – Millennium IT – which built the world’s fastest and most robust equity trading systems. He embellished that reputation by transforming systems at the London Stock Exchange (LSE) and being invited onto the board of the LSE. He resigned from that prestigious position and went on to build the disruptive trading platform Ustocktrade, the world’s first retail Alternative Trading System (ATS). Weeresinghe’s mission is to bring Wall Street to Main Street, with easy, affordable and fair access to U.S. stocks to small investors.
Following its unexpected success in the U.S., Ustocktrade is set to launch in Sri Lanka end July. Being the first international expansion, it will open access to U.S. securities trading for the Sri Lankan investment community and will also be the first step in Ustocktrade’s aim to connect nations through its financial market networks.
Ustocktrade is the first stock trading platform to allow Sri Lankans the opportunity to invest in and trade U.S. securities without requiring an international broker. Extending the Ustocktrade platform into Sri Lanka aligns perfectly with Sri Lanka’s ongoing initiatives for economic development by making it easier for Sri Lankan citizens and residents to invest U.S. securities. With its launch in Colombo, Ustocktrade will enable eligible investors
(**apart from US citizens and US permanent residents, anyone can open a Ustocktrade account in Sri Lanka as long as they have a valid bank account with a Sri Lankan bank) to invest in shares listed on exchanges in the USA, with a view of contributing to the Sri Lankan government’s strategy of positioning Colombo as an international financial center in the Region.
Ustocktrade’s purpose is to democratize wealth by providing sophisticated financial trading technology to individuals at an affordable price. With this vision in mind, the company will extend its ultra-low pricing of $1 per trade and no minimum deposit to users. In addition to lowering the barriers of entry into U.S. securities trading for individuals, Ustocktrade hopes to support Sri Lanka’s economic development plans to increase its foreign reserves by keeping all Sri Lankan sales proceeds in the Sri Lankan banking system, thereby increasing the U.S. dollar reserves in country. Ustocktrade launching in Sri Lanka 2
Customers of Ustocktrade will have unprecedented market access and transaction possibilities with the UStocktrade iOS and Android mobile apps which stream real-time quotes, place buy and sell orders, research stock, and view their full stock portfolio within the app. The app also enables users to set both price alerts and automate their trading strategies.
Since its U.S. launch in January 2016, Ustocktrade has grown over 2000%, transacted over $1 billion dollars on its platform to date, and added users from all 50 states. Weeresinghe’s vision does not end with Ustocktrade though, his ultimate goal is to use the earnings from his latest venture to educate underprivileged children across the world through the Cainan Foundation – whose mission is to build state of the art – and free – boarding schools. This first school is set to be in Sri Lanka which is already in design stage.
Tony Weeresinghe will be joined by a panel of entrepreneurs in a presentation entitled ‘Democratize Wealth’ in Colombo on July 27. Ustocktrade will be launched and open for registration at the same time.