Standard Bank, Africa's largest bank by assets, has announced plans to consolidate its existing online trading platforms under its global money app, Shyft.
The Bank announced the move today, citing client feedback, current industry trends, and a thorough analysis of the bank's existing online retail trading platforms, which include WebTrader, Auto Share Invest, and Online Share Trading (OST).
Standard Bank went on to say that Shyft was chosen as the 'most suitable platform' for servicing global and local investment and trading demands across several currencies and asset classes.
It says the award-winning global money app, developed in 2016, has transformed global travel, shopping, payments, and investments at the best exchange rates.
The migration will take effect over the course of 2025 and 2026.
The phased migration has begun with OST, where clients currently using the platform to invest in Shares and Exchange Traded Funds have been contacted directly with information about the move to Shyft.
The Bank notes: “Clients who currently hold or invest in other financial instruments—such as Tax-Free Investment Accounts, derivatives, or structured products—will be included in subsequent phases of the rollout. Similarly, clients whose accounts are managed by third parties or intermediaries will also be migrated at a later stage.”
According to Standard Bank, Shyft introduced the Johannesburg Stock Exchange's listed shares to its investment and trading platform earlier this year.
The app is available to Standard Bank and non-Standard Bank consumers residing in South Africa or Botswana, and it includes both physical and digital cards.
"We are making direct contact with clients on the migration. To minimise disruption and ensure stability, the move of clients and assets will be carried out in multiple tranches, with each phase carefully planned and communicated. These platforms will remain available for some time; however, eventually, they will only be accessible via Shyft,” says Henry Dhliwayo, head of the global markets retail business at Standard Bank Corporate and Investment Banking.
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