HAMBURG, Germany, October 21, 2015 /PRNewswire/ --
The FinTech-Start-up takes on out-dated financial system and vows to mobilize the people
Yasin Qureshi, founder and CEO of newly formed THE NAGA GROUP AG, Hamburg, has committed his new organisation to seriously take on, what he calls, a most out-dated financial system. He expressly included his former own bank, Hamburg-based Varengold Bank AG, which he built himself from scratch.
Yasin Qureshi: "We are ready now to offer communities of dynamic and informed people technology that lets them be more self-determined, quicker and, most of all, mobile. Investments and banking do need to be more transparent and working for the people. We will show exactly that."
Pointing to mobile technology, modern communication, and the growing frustration of the public with a scandal-stricken banking sector, Qureshi proposes change. Change by giving professionals, as well as novice traders access to mobile state-of-the-art financial technology. In short, opening non-transparent and previously inaccessible markets to higher participation.
The first app is SwipeStox, a mobile social trading app. At launch, traders will be offered a demo account with money trading beginning at the end of the year. For this, Qureshi hooked up with entrepreneur Benjamin Bilski, co-founder of THE NAGA GROUP AG and Managing Director of the SwipeStox GmbH, Frankfurt. The app is free of charge. It lets the participating traders invest, as well as copy their successful trades among each other when trading foreign currencies (Forex), contracts for difference (CFDs), or common market indices. The trader earns by getting a bonus from SwipeStox for each of his trades that are being copied, and, of course, for the right investment or copy decision.
What's so special: The app builds on bringing together a large network of participating professional traders with casual, novice traders. The in-build feature geolocation allows traders to quickly find, meet and get to know each other. There are no charts and press releases to study, it is very fast, and information is transparently presented. The user can browse between possible trades with a single swipe on his smartphones' display. Making it, actually, great mobile fun. SwipeStox is now available on GooglePlay and shortly on the Apple App-Store.
THE NAGA GROUP AG:
Yasin Sebastian Qureshi, founder and former CEO of Varengold Bank AG, formulated the idea of an initiative and incubator for disruptive financial technology in 2013. Growing quickly into a delivering entity, his investment since brought together a global team of experts building innovative and mobile apps. For professionals as much as for casual users. Hence, on the 1st of August, 2015, THE NAGA GROUP AG was incorporated. It's mission: to develop, market and grow disruptive applications in financial technology, all of which aim to bring change and opening to an out-dated financial system. THE NAGA GROUP AG currently operates facilities in four countries across Europe (Hamburg, Frankfurt, London, Nikosia). From product development to design and marketing all of its ventures are aimed at international communities. THE NAGA GROUP AG holds its own EU Asset Management licence enabling it to supply its ventures a framework of financial services ranging from brokerage licensing to legal support. The word "Naga" means "Cobra Snake" in Sanskrit and it is the name for the hottest chilli in the world.
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SOURCE THE NAGA GROUP AG