Share trading activity on smartphones is steadily growing and gaining popularity among investors at Dubai Financial Market.
Currently, two Dubai Financial Market (DFM) brokerages - Emirates NBD Securities and Mubasher Financial Services - provide mobile trading and the number is expected to soar as more brokerages are expected to offer this facility. Alramz Securities and EFG Hermes are preparing to launch this service soon.
“Since its inception in the year 2000, DFM has adopted and implemented a strategy focusing on development and innovation and simplifying trading for the ease of our investors,” Eisa Kazim, Managing Director and CEO of Dubai Financial Market, said in a statement.
He said the exchange strongly supports various brokerage firms in their efforts to provide investors with highly sophisticated services and the most proficient and flexible communication tools including online and mobile trading.
“We are delighted to see such constructive efforts from DFM-licensed brokerage firms, and we will always spare no effort to provide the necessary technical requirements in preparation for this service as it continues to gain significant acceptance amongst investors,” he said.
The exchange is preparing for more enhancements and new packages to transform further DFM services online and introduce smartphone access before the end of first quarter next year.
According to Abdullah Al Hosani, General Manager at Emirates NBD Securities, the applications emphasize the importance of harnessing these advancements and ideas to service all levels of society and reaching customers as easily and quickly as possible.
“Investors can now place sell and buy orders, check their portfolio balances, purchasing power, market direction, stock prices simply by accessing the application on their smart phone and with no hassle,” he said.
Ahmad Waly, Co-Head of EFG Hermes Securities Brokerage, said that EFG Hermes will be rolling out its new iPhone and iPad e-trading applications in mid-August and the Android app by end of this year.
Alramz Securities is currently testing on Apple’s iPhone and iPad and Blackberry devices and will be launched by month-end, with other operating platforms to follow by the end of July.
The UAE has one of the highest mobile phone penetration rates in the world with more than 14 million active subscribers.
“The smartphone domain is an important platform for us to cope with business and technology dynamics and collaborate with industry and government to energise the financial markets,” said Mohammad Al Mortada Al Dandashi , Partner and Managing Director at Alramz Securities.