DFM aims to become 'Smart Borse'

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 Hassan Al Serkal, Chief Operating Officer (COO) of DFM, Tapas Roy, CEO of Raqmiyat, and 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.

Trading via smart phone applications is steadily growing on the DFM given its total value reached Dh2.6 billion year to date and is poised to gain momentum over the coming period as more brokerage firms provide this service.

Commenting on this 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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