EFG Hermes’ online trading platform, EFG Hermes ONE, has secured the Financial Regulatory Authority’s (FRA) approval to launch its digital onboarding (eKYC) process.
The cutting-edge solution is a pivotal component of EFG Hermes ONE’s mission to promote financial inclusion in Egypt as it sets a new standard, making it the first in Egypt to offer a groundbreaking digital onboarding experience by utilising ‘Digify’ as the digital identification solutions provider.
“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,” said Ahmed Waly, Global Head of Brokerage at EFG Hermes.
With the introduction of this optimised digital onboarding process for investment portfolios up to EGP 5 million, investors can now seamlessly register accounts to trade on the Egyptian Stock Exchange (EGX).
EFG Hermes ONE is a comprehensive application equipped with all the essential features and insights necessary for investors to navigate the stock market effectively. The investment bank is dedicated to attracting investments to the stock market, as it significantly contributes to driving the economy and serves as an excellent investment platform for both individuals and institutional investors.
“A thriving stock market catalyses overall economic expansion by effectively directing capital and fostering innovation,” said Waly.
EGX 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. Egyptian authorities are diligently working to improve the investment climate through regulatory reforms and incentives for investors.
