Equity Bank has launched a new Online Forex Trading Platform targeting SMEs and corporates with a view of easing the amount of time they use to get their orders completed.
The platform dubbed “EazzyFX” will enable the lender’s clients to buy and sell foreign currency digitally eliminating the need for face-to-face or over-the-phone transactions. It also allows access to competitive prices on both emerging market and major traded currencies.
The platform rides has key features which include real-time streaming access, competitive market pricing and immediate tailored request-for-quotation facilities. Insights on all trades and deals are also available.
Speaking during the launch, Equity Bank Director of Treasury Mr. James Mutuku noted;
“EazzyFX revolutionizes foreign exchange transactions for businesses, institutions, organizations and individuals. With clients becoming more and more discerning, there is need for utilization of unique innovative technology solutions to enable forex dealers differentiate themselves.”
EazzyFX is hosted by Thomson Reuters Electronic Trading, which currently has over 100 banks across 56 countries globally already benefiting from its e-commerce FX trading platform.
Equity Bank Kenya Managing Director Mr. Polycarp Igathe noted the platform would contribute significantly to improved efficiency for the customer. “In eliminating the need for face-to-face transactions, businesses are assured of greater ease in buying and selling foreign currencies without being restricted by geography and time.”
Equity Group Chief Executive and Managing Director Dr. James Mwangi announced the Group’s plans to roll out the online trading platform to its banking subsidiaries, saying that this will further enhance cross border trade and impact directly on the Group’s total earnings.
“We shall continue to leverage on innovation to meet the evolving needs and aspirations of our customers across the East and Central Africa region. We will be availing this solution not only in Kenya but in Uganda, Tanzania, Rwanda and DRC, where we are present.” noted Dr Mwangi.