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EFG Hermes ONE Becomes The First Financial Platform In Egypt To Receive Financial Regulatory Authority Approval For Its Digital Onboarding Process With the introduction of this optimized digital onboarding process for investment portfolios up to EGP5 million, investors can now seamlessly register accounts on EFG Hermes ONE to trade on the Egyptian Stock Exchange.

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EFG Hermes ONE, the online trading platform of EFG Hermes, one of the MENA's leading investment banks, has become the first financial platform in Egypt to receive approval from the country's Financial Regulatory Authority (FRA) to launch its digital onboarding process.

The solution makes EFG Hermes ONE the first in Egypt to offer such a digital onboarding (e-know-your-customer, or eKYC) experience with its use of award-winning cloud-based document security and data room software Digify as the digital identification solutions provider.

With the introduction of this optimized digital onboarding process for investment portfolios up to EGP5 million, investors can now seamlessly register accounts on EFG Hermes ONE to trade on the Egyptian Stock Exchange. 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.

Ahmed Waly, Global Head of Brokerage at EFG Hermes and Mohamed Fathy, Chief Information Officer, EFG Holding. Image courtesy EFG Hermes.

Commenting on the announcement, 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. 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."

"A thriving stock market catalyzes overall economic expansion by effectively directing capital and fostering innovation," Waly continued. "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."

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."

Related: Follow The Leader: Karim Awad, Group CEO, EFG Hermes

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