EFG Hermes, an EFG Holding Company and an investment bank in the Middle East and North Africa (MENA) has announced 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.
In a statement, the firm said it will offer the digital onboarding experience by utilising ‘Digify’ as the digital identification solutions provider. The digital onboarding process will be used for investment portfolios up to EGP 5 million enabling investors to 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 cancelling open orders. They also have access to a virtual simulator and technical analysis, among other features.
Ahmed Waly, Global Head of Brokerage at EFG Hermes, said: “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”
The Egyptian Stock Exchange has witnessed a remarkable surge in investor registrations, with the total number of registered investors nearing a million people, reflecting a growing interest in equity trading. The Egyptian government has been working on improving 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 critical to the functioning of efficient capital markets, enabling investors to convert their investments into cash if needed quickly.
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.”
