Get All Access for $5/mo

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.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shutterstock.com

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

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Women Entrepreneur®

Follow The Leader: Charlotte Borghesi, Co-Founder And Managing Director, Kidzink

"I believe that a company at the leading edge globally for school design and school furniture design should be based in the UAE."

Growth Strategies

Dubai's Commitment to a Net Zero Carbon Future by 2050 is Well on its Way, According to a New Report Powered by Dubai Electricity and Water Authority (DEWA)

Dubai is setting out to become a city with the lowest carbon footprint in the world by 2050, and heavy investments in renewables are paving the way. The new report is packed with data on Dubai's strategies, initiatives, and mega-projects that are propelling the emirate to a net zero future.

News and Trends

International Fashion Brand Maison D'AngelAnn Secures US$2 Million Investment From A Private Family Office In The UAE

The newest round of funds follows Maison D'AngelAnn's $7 million investment in November 2020 from The Gate Business Services, a UAE-based investment and real estate consultancy, which also saw it also acquire a majority stake in the business.

Business News

A Billionaire Founder Admits He Had 'Horrible Habits' — Then He Started a Morning Routine That 'Transformed' His Life

Kind Snacks founder Daniel Lubetzky used to go to sleep at 2 a.m. and skip his morning workout.

Leadership

A Decade In Review: Badr Jafar, CEO, Crescent Enterprises

"As Socrates said, 'I know one thing: that I know nothing.' The more you grow as a person, the more this philosophy resonates."