In yet another major digital banking move, Equity Bank has launched an online forex trading platform dubbed Eazzy FX, that gives customers the freedom to trade forex and forex pairs in real-time in Kenya.
The idea behind Eazzy FX is to enable SMEs and corporates easily access and trade Forex, essentially democratizing Forex trading.
“Eazzy FX is the latest innovations within the Eazzy suite of digital banking products,” said James Mwangi, MD & CEO, Equity Group Holdings.
Equity Bank, and its subsidiary company FinServe, have recently launched a number of digital products and services which have positioned the company as one of the most innovative banking service in Kenya in recent years.
The Future of Forex in Kenya
Banking is quickly becoming a lifestyle and products that were once only accessible at physical banking locations are getting digitized.
Speaking about the new innovations in banking, Mr. Mwangi said:
“Banking is more and more becoming a lifestyle and soon we shall be digitizing our big loans ofering with a view to offer loans online to SMEs and corporates.”
Recently, the world’s second largest stock exchange, Nasdaq, announced it is planning to launch Bitcoin futures into the market in the early 2019.
Bakkt, an ICE and NYSE stock exchange-backed crypto exchange, has also announced the launch of its crypto services, particularly trading Bitcoin, early 2019 which has affected crypto prices.
Thomson Reuters is powering the new Eazzy FX service to provide real-time Forex data. Recently, Thomson Reuters partnered with CryptoCompare to provide finance data feed of about 50 crypto assets onto its Eikon trading platform.
Eazzy FX currently enables traders to both trade and make settlements in realtime. The ability to now trade online opens up new opportunities for banks to delve into digital currencies and possibly gain access to such emerging digital assets like bitcoin and other crypto products.