Dubai Financial Market (DFM) signed a Memorandum of Understanding (MoU) with "Raqmiyat" and "Kony" with the aim to develop a series of applications as part of the exchange's strategy to fully implement the "Smart Borse" concept over the coming period.
The signing ceremony took place at GITEX 2014 and the MoU was signed by Mr. Hassan Al Serkal, Chief Operating Officer (COO), on behalf of DFM, Mr. Tapas Roy, CEO of Raqmiyat and Mr. Madhukar Joshi, Vice President Sales, Kony.
The MoU creates a general framework that governs the collaboration amongst the three entities in regards to developing smart applications to serve various market participants which will include Business to Consumer (B2C) services mainly targeting investors, Business to Business (B2B) services such as services provided to listed companies, brokerage firms and custodians as well as Business to Employee (B2E) services.
According to the MoU, DFM and Raqmiyat will provide the necessary business knowledge, resources and skills to develop applications and embed current electronic services within the smart platform based on Kony’s mobile development platform technologies and leveraging its expertise within the mobile development field.
It is noteworthy to mention that the DFM is showcasing an all-inclusive array of state-of-the-art new digital services and smart phone applications during its participation in GITEX 2014, as well as key outlines of its ambitious project to transform into the “Smart Borse”, in line with the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai.
Technology partner of the eIPO platform honored
During GITEX, DFM honored Total Technologies and Solutions, one of the technology partners of the exchange, for their active participation in developing the eIPO platform, the sophisticated and efficient solution for online IPO subscription with direct connection to the receiving banks. Mr. Ali Al Hashimi, Executive Vice President, Head of Financial Services Division, DFM, presented the trophy to Mr. Cecil Owens Chairman and CEO of the company.
Furthermore, during GITEX the DFM honored 7 of its licensed brokerage firms for providing a trading platform via smart phone applications, noting that the exchange closely cooperated with these companies enabling them to provide the service to its customers. The DFM actively encourages other brokerage firms to adopt the same route enabling investors to trade anytime and anywhere in line with its “Smart Borse” strategic approach.
The list of honored brokerage firms included; Mubasher Financial Services, EFG-Hermes UAE Brokerage, Emirates NBD Securities, Al Ramz Capital L.L.C, Mena Corp Financial Services L.L.C, NBAD Securities and ADIB Securities. Mr. Hassan Al Serkal, Executive Vice President, Chief Operating Officer (COO), Head of Operations Division at DFM presented the trophies to the senior representatives of the 7 companies.
Value of Trading via smart phones
Trading via smart phone applications is steadily growing on the DFM given its total value reached AED 2.6 billion year to date and is poised to gain momentum over the coming period as more brokerage firms provide this service.
Commenting on this Mr. Hassan Al Serkal said: “The DFM is actively collaborating with various licensed brokerage firms to provide highly sophisticated services and the most effective and flexible communication channels between these companies and investors in regards to electronic and mobile trading tools. We are delighted to see such proactive efforts from our licensed brokers, seven of who are at the forefront. In fact, we have always been committed to providing brokerage companies the necessary support to expand in this field as trading through smart phones represents a wonderful addition that caters to the evolving needs of investors and allows them to trade on the market anytime, anywhere. As an integral part of DFM’s “Smart Borse” strategy, we highly encourage other firms to follow suit and provide customers with this service.”