EFG
Hermes, a leading investment bank in the Middle East and North Africa (MENA)
region, has reached a milestone by becoming the first financial platform in
Egypt to receive approval from the Financial Regulatory Authority (FRA) for its
digital onboarding process known as eKYC (electronic Know Your Customer).
This
approval is part of EFG Hermes ONE’s mission to enhance financial inclusion in
Egypt, utilizing 'Digify' for digital identification solutions. The platform
allows investors to digitally register accounts to trade on the Egyptian
Exchange (EGX) with an optimized process for investment portfolios up to EGP 5
million.
The app provides retail investors with a range of
features including executing trades, accessing real-time stock quotes, and
managing equity watch lists. It also includes tools for technical analysis and
a virtual simulator, enhancing users’ ability to navigate the stock market.
Ahmed
Waly, Global Head of Brokerage at EFG Hermes, highlighted this development as
aligned with Egypt’s vision for digital innovation and financial inclusion,
facilitating both new and experienced investors to participate in the market
more easily.
The Egyptian Exchange has seen a surge in investor
registrations, nearing a million individuals, which contributes to market
liquidity and economic growth by attracting diverse investments across
industries.
EFG Hermes ONE has also received multiple
accolades, including awards for “Best Trading Platform” and "Trading Platform
of the Year,” recognizing its leadership in delivering digital solutions in the
Egyptian market.
