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AED 2.6 billion of trading through smart phone applications in 2014 to date:
DFM inks Memorandum of Understanding with “Raqmiyat” and “Kony” to develop “Smart Borse” applications
The exchange honors 7 brokerage firms enabling its customers to trade via smart phone applications
Dubai, October 21st 2014: 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.”
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About Dubai Financial Market: Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company. Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. dfm.ae
For further information, please contact:
Atef Fathy
Vice President – Head of Media & Public Relations
Dubai Financial Market
Tel: 04-3055334
Email: afathy@dfm.ae
About Raqmiyat: Raqmiyat is one of the leading IT solutions providers in the UAE, with more than 500 employees and several strategic partnerships forged with international solution providers. Raqmiyat offers an extensive range of IT infrastructure, IT solutions and services ranging from outsourced product development, resource deployment and integration to support. Raqmiyat is the primary IT arm of the Al Ghurair Group and today has offices in the UAE (Dubai & Abu Dhabi), Riyadh, Saudi Arabia & Offshore Development Center in Chennai, India. Raqmiyat’s experience and expertise span across multiple sectors and particularly Government, Banking, Finance and Corporate Sector. Through a unique combination of local market presence, international level skills & internationally recognized partnerships such as Kony, Oracle, Burroughs, Microsoft, HP, Dessault Systemes. Raqmiyat consistently brings to customers unparalleled IT business solutions and services.
Raqmiyat’s Mobility solutions aims to deliver the industry’s broadest, deepest, and most-future proof mobile application platform for Business to Citizens (B2C) and Business to Employee (B2E) implementations. Our partnership with Kony - the world’s leading Mobile Application Development Platform is for UAE and Saudi. We help customers to build their Mobility Strategy across their business services. The Platform enables enterprises to deliver rich, compelling user experiences (HTML5, native, hybrid) across all devices – with no compromise, and all from a single, unified code base. We also offer pre-built mobile apps, application management, and mobile testing solutions that enable organizations to build, deploy, manage, and test their mobile implementation rapidly and in a scalable manner. Quick mobile app development and customization is enabled with end-to-end mobile application lifecycle management tools and APIs, and open standards-based back-end data integration.
For more information, please visit
Rupesh Singh
Assistant Vice President -Mobility Solutions
Raqmiyat
+971 50 4238733
About Kony: Kony is the fastest growing cloud-based enterprise mobility solution provider and an industry leader among mobile application development platform (MADP) providers, serving enterprise customers around the globe. The Kony Experience Platform is an integrated software development lifecycle (SDLC) platform that empowers businesses to define, design, develop, test, deploy, and manage multi-edge mobile applications from a single codebase. With Kony, customers can deliver stunning user-first experiences, get to market faster, and lower total of ownership for applications. Kony also offers ready-to-run business mobile apps to better engage with customers and help increase employee productivity by enabling them to gain access to company systems and information via their mobile devices.
In September 2014, Gartner placed Kony in the “Leaders” quadrant of the Magic Quadrant for Mobile Application Development Platforms. Kony was also honored in the Mobile Star Awards for achievements in enterprise application development; named a winner for Red Herring’s Top 100 North America award; and included on the Inc. 500|5000 list of fastest growing private companies in America. For more information, please visit . Connect with Kony on Twitter, Facebook, and LinkedIn.
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