A market-leading account specifically designed for yacht crew has had a major digital upgrade.

The Seafarer Account is provided by Standard Bank Isle of Man Limited, as part of its retail International Personal Banking proposition.

The account is tailored to the lifestyles of yacht crew, who require multiple currencies and debit cards, easy access to their money and a range of international services, such as payment and foreign exchange facilities and reliable mobile / internet banking.

Standard Bank has now launched an online application channel for the Seafarer Account.

The bank claims this will greatly improve the client experience in response to client demand and expectations.

The new online application is available to crew contacting Standard Bank directly as well as intermediaries, such as independent financial advisers, who are often an essential link between crew, who are constantly on the move, and their financial affairs.

Sheena Maddrell, business development manager for global yacht crew at Standard Bank, said: ’We are the recognised leader in providing banking services for yacht crew so this exciting development will be welcome worldwide. Yacht crew are often millennials who expect digital banking so this will greatly improve their initial experience with us, making the application process quicker, easier and more efficient.

’The Seafarer Account has been hugely popular since it was launched in September 2013.

’The global yacht market is growing exponentially so there is increased demand from crew for an account that is perfectly suited to their globetrotting lives.

’The Isle of Man has a burgeoning yacht registry but also a number of local businesses provide financial services to the global yachting market.

’The digitisation of the Seafarer Account application process is good news for the Island as well as Standard Bank.’

lMeanwhile, the yachting team from international professional services provider Equiom will exhibit at the Monaco Yacht Show this week [tomorrow, Wednesday to Saturday], providing updates on the group’s latest developments to clients and industry leaders.

Edward Leigh, director - Yachting and Aviation, leads the delegation. Almost 600 international companies are due to participate in the event, which last year attracted more than 33,000 attendees.

Equiom, which recently surpassed $4bn in yachting and aviation assets under administration, will detail its latest services, including a new structure for chartering a yacht in Spain, as well as discussing industry developments, such as new crewing regulations and the possible implications of Brexit on the sector.

Mr Leigh said: ’The Monaco Yacht Show is one of the industry’s major events and it is important that, as a global leader in the sector, Equiom is present. Our dedicated yachting and aviation team, established more than a decade ago, comprises 30 professional experts worldwide offering a broad range of services to private individuals and corporate clients, and this event provides an opportunity to update the industry on our latest developments.’

Yachting is in the spotlight this week

Sheena Maddrell of Standard Bank in the Isle of Man

Equiom’s yachting and aviation management team