Simplifying cross-jurisdictional cash
management for SJP clients

Problem statement:

St James’s Place (SJP) identified the need for a streamlined and efficient cash management solution for their clients who are expats living in Dubai. These clients needed a secure way to manage their Dubai-based earnings and ensure optimal returns by depositing funds into banks located in other jurisdictions. The challenge was to find a platform that could facilitate cross-jurisdictional cash management and offer competitive FX rates.

Solution:

Being a long-term partner of Flagstone in the UK, SJP recognised the Flagstone International platform as the ideal solution for this challenge. The platform allowed SJP's clients in Dubai to easily transfer their earnings to deposit accounts in other jurisdictions. The platform’s integrated FX capabilities enabled clients to convert their Dubai earnings at competitive rates before depositing them. This seamless process ensured clients could take advantage of the interest rates and effectively diversify their cash assets across multiple jurisdictions, all through one secure platform.

Jason O’Leary, Founding Partner for Middle East, St James’s Place, states, “We found Flagstone International to be an invaluable solution for our clients living in Dubai. The platform’s cross-jurisdictional capabilities and competitive FX rates have made it incredibly easy for our clients to manage and grow their Dubai-based earnings by depositing funds into multiple banks. Flagstone works alongside and complements St James’s Place’s investment solutions to provide a full financial planning advice service to our clients.”

Key benefits:

• Flexibility: Clients can easily manage their Dubai-based earnings and
  deposit funds into banks internationally.
• Efficiency: Quick and seamless setup of accounts and transfers,
  ensuring timely management of funds.
• Competitive returns: Access to interest rates available across multiple
  jurisdictions.
• Integrated FX capabilities: Ability to convert currencies at competitive
  FX rates directly within the platform.
• Streamlined process: Single, simple onboarding process, reducing
  administrative burdens.

Outcomes:

• Optimised cash management: SJP’s clients in Dubai were able to
  manage their earnings and achieve optimal returns by leveraging
  Flagstone International’s platform.
• Cross-jurisdictional flexibility: Clients could effortlessly transfer funds
  and access deposit products in multiple jurisdictions, enhancing their
  financial flexibility.
• Enhanced returns: By taking advantage of competitive interest rates
  and FX rates, clients maximised their returns on Dubai-based
  earnings.

By leveraging Flagstone International’s platform, SJP was able to provide a robust solution for their expat clients living in Dubai, demonstrating the platform’s capability to deliver effective cross-jurisdictional cash management.