AELP Link Procurement
The African Securities Exchanges Association (ASEA) has signed a contract on 30 July 2021 with DirectFN (www.directfn.com) for the design and rollout of the AELP Link cross-border order-routing technology platform. DirectFN a global IT firm with a strong reputation. It is based in Saudi Arabia and experienced in capital markets solutions across the Middle East and North Africa, as well as many other emerging and frontier markets.
The AELP Link technology platform will route orders and trade confirmations between stockbrokers which are members of the seven Exchanges participating in the pilot phase of the AELP. It is awarded after a competitive bidding process that attracted applications from top international suppliers in 18 countries.
DirectFN describes itself as “an innovative financial technology provider company, founded on game-changing innovation and passionate about creating new value for the capital market ecosystem”. It has over 20 years expertise in bringing FinTech (software applications platforms) and FinCON (market-information screens) and has five corporate offices in UAE, Saudi Arabia, Kuwait, Sri Lanka, and Pakistan.
The African Exchanges Linkage Project (AELP) is a joint initiative by ASEA and the African Development Bank (AfDB) aimed at unlocking Pan-African investment flows, promoting innovations that support diversification for investors, and addressing depth and liquidity in the markets. The contract is funded as part of a grant from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund managed by the African Development Bank.