New Delhi, 13 June (KNN) To empower Small and Medium Enterprises (SMEs), one of the leading financial services group, Emkay Global Financial Services Limited has launched its first forex mobile app, Emkay FX (EMFX).

Emkay FX is introduced with an objective to empower the SME exporters and importers in India with real-time rates of foreign exchange currency pairs.

The forex market is the market in which participants can buy, sell, exchange, and speculate on currencies. It is made up of banks, commercial companies, central banks, investment management firms, hedge funds, and retail forex brokers and investors.

The app aims at providing the fastest and smartest way to get connected to the global forex markets and view real-time forex market price. The app can be accessed on the 'Android Play Store'.

It is designed for today’s ultra-fast, modern & highly mobilized world where people often need information on the move and on finger tips. Its distinctive features enable users to access rates of more than 600 currency pairs to offer unprecedented competence.

The small and medium-sized enterprises (SME) sector is considered to be the backbone of India’s economy as it contributes about 45 per cent to the nation's GDP. The main roadblocks for a successful overseas business operation are lack of awareness and constant fluctuations in the currency values.

Highly volatile foreign exchange rates demand currency hedging to safeguard the business interest. This app is an initiative to create a market infrastructure that would ensure to harness the true potential of small and medium enterprise exporters and importers.

Speaking on the launch, Managing Director, Emkay Global Financial Services, Prakash Kacholia said, “Emkay FX is a user-friendly mobile app, designed to bring transparency with real-time currency exchange rate, to equip SME clientele to make effective forward contracts."

The app will help bring about an exponential impact on the businesses of our Institutional and SME clients, he added.

At Emkay, it has been our constant endeavour to introduce relevant and well researched digital intervention in our products, that benefits all our stakeholders, and EMFX is another important step in this direction, said Kacholia.

EMFX provides real-time information on the domestic as well as global forex markets with real-time news, economic data, forex calculators, advanced charts, customized alerts and PMS with specialized Emkay reports and calls.

The most sensitive information in the forex market is the real-time interbank treasury rates/quotes which are often provided including spread is now available in this app without a spread and straight from bank treasury.

It brings in a unique combination of forex-spot, future and forward together and also support domestic forex, spot & forwards, International forex & forward and NSE currency derivatives with the benchmark index.

According to CCIL, in the financial year 2019, the total volume in forex has increased to US$27.90 billion from US$2.67 billion in FY18. Also, India’s total trade (imports+exports) has risen to US$835 billion in 2018 from US$747 billion in 2017, i.e. an increment of 12%. Therefore, this creates a need to hedge the unavoidable risk in the foreign exchange market. (KNN/VS)