EFG Hermes ONE receives FRA approval for digital onboarding in Egypt

Daily News Egypt
5 Min Read

EFG Hermes, a leading investment bank in the Middle East and North Africa (MENA), has announced that EFG Hermes ONE, its online trading platform, has achieved a significant milestone. It is now the first financial platform in Egypt to receive approval from the Financial Regulatory Authority (FRA) for launching its digital onboarding process, also known as eKYC (electronic Know Your Customer).

This cutting-edge solution is a pivotal component of EFG Hermes ONE’s mission to promote financial inclusion in Egypt. By utilizing ‘Digify’ as the digital identification solutions provider, EFG Hermes ONE sets a new standard, offering a groundbreaking digital onboarding experience.

EFG Hermes ONE introduces an optimized digital onboarding process for investment portfolios up to EGP 5m. Investors can now seamlessly register accounts to trade on the Egyptian 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

·        Tracking, reviewing, editing, placing, and cancelling open orders

·        A virtual simulator

·        Technical analysis, and more

Investors can effortlessly monitor and customize real-time equity watch lists for individual stocks and stock portfolios.

EFG Hermes ONE equips investors with the essential features and insights necessary to navigate the stock market effectively. The platform aims to increase the involvement of retail investors in capital markets, catering to clients of all income levels.

Ahmed Waly, Global Head of Brokerage at EFG Hermes, emphasized the significance of this milestone, stating: “We are excited to receive FRA approval to launch digital onboarding through our flagship EFG Hermes ONE app. This move aligns with Egypt’s vision for digital innovation and financial inclusion. 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 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, said: “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 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.

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