BY TATIRA ZWINOIRA
ESCROW Systems (Pty) Ltd developers of the C-Trade application designed a similar mobile trading platform for the Eswatini Stock Exchange (ESE), which went live last month, NewsDay has learnt.
C-Trade is a trading platform used to trade in shares listed on the Zimbabwe Stock Exchange. It was launched in July 2018.
In the first half of 2016, ESE sought to automate its trading platform from a manual system that had been in use in the past 28 years and launch a mobile trading platform to increase market participation. ESE is valued at US$241,57 million or ZAR3,5 billion .
Escrow Systems is a developer and provider of financial services and capital markets solutions, a wholly owned subsidiary of El Escrow International Group of companies, also known as Escrow Group.
“It was three years ago (when ESE first went to tender to look for a company to help create a mobile stock market trading platform). We approached Escrow Systems and they provided a proposal that was mostly lucrative and one that we could relate with in 2016, which is when the project started,” ESE monitoring and surveillance officer Neliswa Nkala told NewsDay yesterday.
“We just launched last month, the automated trading platform and the cellphone trading on the same day. Also on the same day, we officially changed the name of the exchange from Swaziland Stock Exchange to the Eswatini Stock Exchange and unveiled our new logo as Eswatini Stock Exchange.”
“We have seen that the stock exchange has not been doing well in terms of liquidity and in terms of listings and participation from investors. So the initiative to transform the stock exchange or revamp it to give it a facelift was priority number one in order to automate the stock exchange,” Nkala said.
“So, even before we got to the C-Trade, we just needed to automate the platform so that it becomes accessible to the market. That way, more companies would also be lured into listing on the stock exchange.”
She said the mobile trading platform was for purposes of reaching out to more emaSwati in order to encourage financial inclusion.
This led to Escrow Systems developing a project proposal which it successfully presenting to ESE.
Escrow Systems managing director Simbarashe Machanzi said they were working on expanding the C-Trade template to other African countries as it offers financial inclusion opportunities in those markets, with ESE also among those to benefit.