Dubai: EFG Hermes expects the partnership with Saxo to provide a multi-asset trading platform to start generating revenues from year 1, chief executive of EFG Hermes said on Wednesday.
“We believe that this partnership will start generating revenues from year 1, and it will grow as we go forward, as we see more uptick from our clients,” Karim Awad, chief executive officer of EFG Hermes told journalists, without giving more details on the impact of financials.
Under the partnership, the new trading platform will grant clients one-click access to financial instruments in both multiple Middle East and North Africa (Mena) markets as well as global exchanges.
“The development of EFG Hermes falls within our component of our strategy based on the pillar of diversifying our product offering,” EFG Hermes Group Chief Executive Officer Karim Awad said.
The platform will help clients to check their portfolio, get live quotes, get market news and check technical analysis.
On the product, Saxo Bank’s CEO and co-founder Kim Fournais said this product will help customers to diversify risk and not allow over-leveraging in few asset classes, and also lead to migration from traditional trading platforms.
The firm has all the necessary regulatory approvals for the new launch, Awad said without disclosing when the services would be offered.
Expansion:
As part of its expansion process, EFG Hermes expect to increase its product offerings and start services in Pakistan from beginning of 2017.
“When we look at strategy today, we look at the number of access, one of them is the number of products offerings, and we are looking in diversifying the geographical locations,” Awad said. The firm is looking to expand its non-banking financial services in Egypt, and is in process of hiring a new team for a new product in the region.
Awad also said there has been growing interest in Egyptian treasury bills after the flotation of the currency.
