EFG Hermes launches new digital trading platform
EFG Hermes, the first universal bank in Egypt and the leading investment bank in Frontier Emerging Markets (FEM), has launched an advanced version of its flagship “EFG Hermes One” trading platform.
Announcing its launch at the RiseUp Summit 2021, EFG Hermes said the new application will feature a wider range of brokerage services, a fully digitized on-boarding process, a digital payment gateway and more – all through the new and improved user interface.
The EFG Hermes One application will also allow new and veteran investors to tap into a wealth of investment knowledge, execute informed trades, and monitor their portfolios in real time – all through a simpler, user-friendly interface.
It also offers a simplified digital onboarding process, permitting users to create an account faster than ever before.
The app now also features a digital payment integration system powered by PayTabs Egypt, enabling users to process payments simply and efficiently. Moreover, EFG Hermes One users can utilize the application’s new ‘Learn’ tab, a knowledge hub where they can access unparalleled investor intelligence from EFG Hermes Research to boost their trading knowledge.
Sameh Assran, Deputy Head of Brokerage & Co-Head of Egypt Brokerage at EFG Hermes, said: “The launch of the all-new EFG Hermes One app comes at a critical juncture in the Egyptian capital market story as equity market retail activity picks up.”
“The novel platform is proof-positive of our determination to offer unmatched digital brokerage accessibility to our clients and our desire to continue unlocking further retail participation. By tapping into the synergies inherent in our business model, we hope to showcase the EFG Hermes One as a one-stop-shop brokerage solution and, in turn, continue to maintain our position at the helm of the Egyptian fintech space,” he added.
Abdelhameed Sharara, Founder and CEO of RiseUp Summit, said: “We are very thrilled to see an advanced trading app like EFG Hermes One launch at RiseUp Summit 2021, as the Egyptian stock market continues to show promise and resilience.”
“With RiseUp Summit’s pool of tech-savvy guests from diverse backgrounds and industries, the Summit is the ideal platform to showcase the limitless opportunities available in the Egyptian investment space. It is vital that we acknowledge that more retail participation will put markets on a positive trajectory that benefits all parties including investors, listed companies, and the Egyptian economy at large,” he added.
Furthermore, users will have access to the EFG Hermes One Virtual Simulator, allowing them to simulate the trading experience on the application and build their knowledge and skills prior to executing real trades.
EFG Hermes Brokerage continued to outperform in 3Q2021, with revenues up 23% Y-o-Y to EGP 229 million on higher revenues reported by Egypt operations, followed by Kuwait, and the Structured Product Desk.
EFG Hermes Brokerage’s total executions reached $14.7 billion in Q3, which reflect Mena and frontier market executions, structured products, and fixed income.
Egypt was the top contributor to brokerage commissions in Q3 at 30.2% of commissions, with Kuwait coming in second at 16.8%, followed by UAE markets (Dubai and Abu Dhabi) at 12.4%.
Group COO Mohamed Wakeel said: “With retail investors ramping up activity in the markets we operate, it was necessary to take steps to revamp the EFG Hermes One platform as an extension of our commitment to not only streamline the client experience, but to drive informed decision making and active engagement.”
“We believe customer-centric investment tools are necessary for all types of investors, and it is this belief that drives our digital strategy to deliver seamless and progressive brokerage solutions,” he added.-TradeArabia News Service