Emirates NBD Securities, the brokerage arm of Emirates NBD Group, 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. This new application provides investors with an additional channel to open a trading account with Emirates NBD Securities, allowing them to rapidly begin investing in initial public offerings (IPOs) and other securities listed on the exchange.
Through its collaboration with Emirates NBD Securities, DFM’s Digital Onboarding smartphone 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 login credentials. The application also provides investors with a host of other services on DFM.
Hamed Ali, CEO of DFM and Nasdaq Dubai, said that the DFM’s digital transformation strategy is gaining further momentum owing to the accelerating pace of onboarding of leading brokerage firms. He added that their efforts and collaboration with trading members are massively enhancing market accessibility and streamlining investors’ onboarding experience, driving their investor base to above one million investors in 2022.
Asma Al Hosani, General Manager of Emirates NBD Securities, said that they are pleased to have worked closely with the DFM on their smartphone application to further facilitate investor access to the stock market amid buoyant activity and a robust pipeline of IPOs. She added that their long-standing partnership with DFM and this new milestone in their digital journey reflect their commitment to supporting the growth of capital markets and being at the forefront of innovation.
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 on the DFM. The upgraded platform replaces paper-based processes with a fully digitised 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 the investor base.
This new application and seamless onboarding process will help to enhance the ease of access for investors to the DFM and increase the number of investors in the region. The DFM’s digital transformation strategy is rapidly gaining momentum with the support of leading brokerage firms like Emirates NBD Securities. The use of digital platforms to facilitate the onboarding process for investors will not only streamline the process but will also help to drive the growth of the capital markets in the region.
The collaboration between Emirates NBD Securities and DFM has led to the development of a digital onboarding application that allows investors to open a trading account seamlessly. This initiative is part of the DFM’s digital transformation strategy to enhance market accessibility and streamline the onboarding experience for investors. With this new initiative, investors can begin their trading journey within minutes and have instant access to IPO subscriptions. The ease of access and the use of digital platforms will undoubtedly help to drive the growth of the capital markets in the region.