Former LCG CEO is launching a start-up that promises to smooth the online trading and banking experience with a software platform that allow clients to invest in different asset classes, including cryptocurrencies, from a single account.
Dubbed ‘FlowBank,’ the new venture sought by the online-trading veteran and Swiss banker offers access to 50+ financial global markets as well as basic banking services, including a payment card that allows holders to shop and pay in CHF, EUR and USD. The new brand is located in Geneva and holds a banking license from the Swiss Financial Market Supervisory Authority (FINMA).
FlowBank positions itself as a one-stop multi-asset experience for trading and banking. It currently employs 40 specialists who have been there since the start of the project, but plans to take on further staff and develop its technology through the end of the year.
FlowBank also says it will open new offices in Zurich and elsewhere in 2021.The backing of Mr Sabet, one of the online trading’s best-known entrepreneurs, is a coup for the company. The Synthesis Bank founder brings his vast business building experience in financial markets along with his investment.
Mr Sabet has kept a lower profile since stepping down in 2018 from his position of CEO at which he had held since March 2014. Prior to this role, he set up FX business Trading and Commercial Consulting. In 1999, he founded Synthesis Bank, which was sold to Saxo Bank in 2007, and stayed as its chairman until 2008 when the institution merged with Saxo.
In addition, Sabet previously served as head of global trading at Saxo Group and was a stockholder and non-executive director of Cypriot broker , part of a career dating back to 1982.
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