Emirates NBD Securities, one of the leading brokerages in the UAE, has become the first securities brokerage in the region to offer seamless trading account opening through the Dubai Financial Market (DFM)’s digital onboarding application.
The application provides investors with an additional channel to open a trading account with Emirates NBD Securities, allowing them to rapidly begin investing in IPOs and other securities listed on the exchange. Emirates NBD Securities is the brokerage arm of the Emirates NBD Group, one of the biggest banks in the Middle East, North Africa and Turkey.
Through its collaboration with the Emirates NBD Securities, DFM’s Digital Onboarding smart phone application provides investors with an end-to-end digital experience, including the ability to acquire a DFM Investor Number (NIN), a trading account, profile and log in credentials, the first steps for investors to begin their trading journey. The application also provides investors with a host of other services on DFM.
Asma Al Hosani, General Manager of Emirates NBD Securities, said:
“We are pleased to have worked closely with the DFM on their smart phone application to further facilitate investor access to the stock market amid buoyant activity and a robust pipeline of IPOs. Our longstanding partnership with DFM and this new milestone in our digital journey reflects our commitment to supporting the growth of capital markets and being at the forefront of innovation. We will continue to harness best-in-class technology and forge partnerships with leading institutions in the region to provide our customers with unique channels to access our wide range of financial solutions.”
Hamed Ali, CEO of DFM and Nasdaq Dubai, said:
“DFM’s digital transformation strategy is gaining further momentum owing to the accelerating pace of onboarding of leading brokerage firms. Our efforts and collaboration with trading members are massively enhancing market accessibility and streamlining investors’ onboarding experience, driving our investors base above one million investors in 2022. We congratulate Emirates NBD Securities for successfully integrating with DFM app, enabling its customers’ access to this service. We are also looking forward to welcoming other trading members who are in the final stages of the onboarding process.”
Emirates NBD Securities became the first securities brokerage in September to launch an end-to-end digital onboarding process on its website, enabling more than 1 million Emirates NBD customers to start trading instantly the DFM. The upgraded platform replaces paper-based processes with a fully digitized brokerage account opening experience, providing investors with rapid access to the DFM. In three simple steps, users can begin their trading journey and receive their trading account details and DFM NIN within minutes, eliminating the need to print, sign, scan and e-mail documents.
The Group also launched an end-to-end IPO subscription website in March 2022 for individual investors with real time subscription payment capabilities for UAE investors and wire transfer capabilities for non-UAE investors. The new seamless onboarding process complements this initiative by providing instant access to IPO subscriptions and is part of a strategic collaboration with DFM to enhance investor base.
News Source: Dubai Media Office