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EFG Hermes ONE Becomes the First Financial Platform in Egypt

EFG Hermes ONE تصبح أول منصة مالية في مصر
  • 28/04/2024 - 4:09 pm
  • write : Ali
  • Stock Exchange

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EFG Hermes, an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA) is proud to announce that EFG Hermes ONE, its online trading platform, has become the first financial platform in Egypt to receive the Financial Regulatory Authority’s (FRA) approval to launch its digital onboarding (eKYC) process. This cutting-edge solution is a pivotal component of EFG Hermes ONE’s mission to promote financial inclusion in Egypt as it sets a new standard, making it the first in Egypt to offer this groundbreaking digital onboarding experience by utilizing ‘Digify’ as the digital identification solutions provider.

With the introduction of this optimized digital onboarding process for investment portfolios up to EGP 5 million, investors can now seamlessly register accounts to trade on the Egyptian Stock Exchange (EGX). Once registered on the app, retail investors gain access to a comprehensive suite of features, including executing trades, real-time stock quotes through live data feeds, and tracking, reviewing, editing, placing, and canceling open orders. They also have access to a virtual simulator, technical analysis, and more. Additionally, they can effortlessly monitor and customize real-time equity watch lists for individual stocks and stock portfolios. EFG Hermes ONE is a comprehensive application equipped with all the essential features and insights necessary for investors to navigate the stock market effectively. EFG Hermes is deeply dedicated to attracting investments to the stock market, as it significantly contributes to driving the economy and serves as an excellent investment platform for both individuals and institutional investors.

Ahmed Waly, Global Head of Brokerage at EFG Hermes, emphasized the significance of this milestone, stating, “We are excited to receive the FRA approval to launch digital onboarding through our flagship EFG Hermes ONE app, in line with Egypt’s vision for digital innovation and financial inclusion. The continual advancement of technology is crucial in enhancing financial products by increasing accessibility, efficiency, and security for users. This move aims to increase the involvement of retail investors in capital markets, catering to clients of all income levels. By offering state-of-the-art solutions, we enable both new and experienced investors to open accounts and participate in transactions easily. Today, a growing interest in wealth building drives the demand for investment products. Therefore, it is essential to provide clients with an investment platform that grows their wealth and allows them to do so from anywhere.”

The Egyptian Stock Exchange has witnessed a remarkable surge in investor registrations, with the total number of registered investors nearing a million individuals, reflecting a growing interest in equity trading. The Egyptian government is diligently working to improve the investment climate through regulatory reforms and incentives for investors. The presence of a large and diverse investor base in the stock market contributes to liquidity, which is important for the functioning of efficient capital markets and enables investors to convert their investments into cash if needed quickly.

“A thriving stock market catalyzes overall economic expansion by effectively directing capital and fostering innovation. This, in turn, enables companies to embark on new ventures, create jobs, and stimulate economic vitality. Moreover, the stock market offers investors a diverse array of investment opportunities across various industries, allowing them to diversify their portfolios, potentially outpace inflation, and cultivate long-term wealth. Ultimately, attracting investors to the stock market is crucial as it supports capital formation, liquidity, price discovery, and overall confidence in the economy, thereby underpinning sustained economic growth and fostering a robust investment climate,” concluded Waly.

Mohamed Fathy, Chief Information Officer, EFG Holding, added, “As we proudly revolutionize financial services with a steadfast commitment to user-centricity, our dedication to a seamless and secure digital onboarding experience, including cutting-edge eKYC procedures, sets a new standard in the industry. We recognize the pivotal role played by the FRA in shaping regulatory standards, reflecting our relentless commitment to compliance and user convenience. With gratitude and determination, we celebrate this milestone, recommitting to leveraging technology to set a benchmark for the future of financial services in Egypt.”

EFG Hermes ONE has proudly been awarded for its excellence, including the “Best Trading Platform” at the Entrepreneur Leaders in Fintech Awards 2023 and “Trading Platform of the Year” at the Entrepreneur Middle East Tech Innovation Awards 2023. The platform has also been awarded at the Gulf Business Awards 2022 as the “Online Trading Company of the Year.” Most recently, EFG Hermes ONE has achieved the prestigious “Highly Regarded” status in the Digital Solutions category, as awarded by Euromoney Market Leaders in Egypt. This recognition underscores EFG Hermes ONE’s leading position in delivering exceptional digital solutions within the Egyptian market.

Tags: Africadigital identification solutionsDigital OnboardingEFG HermesEFG Hermes OneEgyptekycFinancial Platforminvestment bankMiddle East

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