Apricot Capital investment company is summarizing the highlights of 2023: an upgraded application, novel investment tools, fresh opportunities, partnerships, and upcoming projects. Vachik Gevorgyan, the CEO of the company, is presenting the achievements of the year, interesting news, and the goals for 2024.

Improvements to the Apricot Capital application: Introduction of new tools and features for the customers

Apricot Capital was founded in 2022, and by 2023, the company had been in operation for several months. However, due to rapid development and team expansion, the early months of 2023 saw us move to a larger, more spacious office.

Numerous noteworthy events and changes characterized the year. This year, our customer base grew more than fivefold, representing quite a significant and obliging outcome.

Throughout the year, we introduced a number of tools, features and news to the Apricot Capital application and the overall platform. Notably, our stock trading app is now connected to the largest American market due to which we already cover over 95 percent of the stock market capitalization.

We also introduced the option for foreign currency trading. From now on, our customers can make real-time foreign exchange conversions with the primary currency pairs (US Dollar, Euro, British Pound, Swiss Franc, etc.) at global cross rates through the Apricot Capital application, exclusively in the non-cash version. Additionally, we added the possibility for our customers to purchase Armenian government bonds via the application. Our active collaboration with the Armenia Securities Exchange ensures seamless digitization of our customers' applications, with trades automatically executed on the exchange.

We've also introduced the possibility of margin trading within the application. Margin trading, a widely accepted financial practice, is gaining traction in Armenia as well. By incorporating this service into our platform, we provide our customers with the opportunity to access the securities of reputable international investment companies through margin trading.

A recent and significant change involves the implementation of an online account opening procedure at Apricot Capital. Instead of visiting the office and filling out forms, the entire onboarding process can now be completed online. Through a few simple and sequential steps on the website, residents, non-residents, and legal entities in the Republic of Armenia (RA) can automatically have their brokerage account. This decision has proven successful, with new account opening applications received on a daily basis.

Taking into account the growing interest in investments, we decided to make investment experience more accessible for RA residents. As a result, we reduced the minimum limit for opening an account from AMD 500,000 to AMD 100,000. Alongside other advantages such as the absence of annual account maintenance fees, very low trading commissions, and real-time trade execution, this opportunity aims to enhance the convenience of our clients and promote the wider adoption of investment practices.

2023 as an active, intense, and dynamic year

In April, we participated in the Doing Digital Forum, a valuable opportunity for us and fellow industry pioneers dedicated to digitizing the finance sector, developing fintech, and sharing innovative ideas. The forum facilitated the exchange of experiences and knowledge among all the participants, surely fostering new collaborations.

Following that, Apricot Capital served as the General Investment Partner for the annual International Conference of the Federation of Euro-Asian Stock Exchanges, ConFEAS 2023. The conference aimed to bring together leading specialists in the field to Yerevan for the exchange of experiences and the establishment of valuable connections through networking. In previous years, the conference was organized in Abu Dhabi and Bucharest, and notably, this marked the first time Armenia hosted the event, with 40 speakers from approximately 20 countries. ConFEAS provided a platform to discuss industry trends, perspectives, and share interesting news with leading specialists.

During the year, we also organized another interesting event: "Investments: What, Where, When and How" training for mass media representatives. One of Apricot Capital's goals is to disseminate investment tools and make them accessible, creating a platform where people can make investments and manage their savings effectively. In our commitment to raising awareness, we prioritize collaboration and engagement with mass media, leading us to initiate this training course. The event held substantial significance for both Apricot Capital and the wider industry.

Education and the cultivation of specialized personnel as priorities for Apricot Capital

For investment companies, the acquisition of quality personnel is a primary concern today. It is crucial for us that young individuals have the opportunity to familiarize themselves with the intricacies of this industry and engage in such companies from their student years. To facilitate the transfer of our experience and knowledge to them, we plan to implement a range of education programs. This year, we have already taken two significant steps in this direction: signing memorandums of cooperation with Yerevan State University and the Armenian State University of Economics.

We have decided to combine our resources and opportunities to execute joint projects, educate students, and offer them future employment. We have already experienced success in the past, with students becoming integral parts of the Apricot Capital team after completing their production internships with us. I anticipate this trend will continue, especially considering our growth momentum: We began the year with only 10 team members, and today we have 30. I think this represents a substantial change and achievement. Collaborations between universities and the private sector will persist.

Throughout the year, our team members participated in various conferences and courses abroad, in European countries, the UAE, and the USA. The enhancement of knowledge, the exchange of experiences, the tracking of international trends, and bringing them to Armenia are priorities for us.

From global stock markets to Armenia: The sector is experiencing rapid development

The past year brought favorable conditions for both international and local markets. Despite initial concerns about high-interest rates and inflation, central banks successfully stabilized the field through appropriate measures, resulting in a successful year. The global economy continues to grow.

The so called "Magnificent seven" top investment companies, including Apple, Microsoft, Amazon, Tesla, Nvidia, Google, and Meta, maintained their coveted positions and remained sought after for investments. An interesting observation is the positive impact of artificial intelligence on the stock market. The buzz surrounding ChatGPT and other generative AI technologies has prompted companies to invest billions in the technology sector.

Tech giants like Microsoft and Alphabet saw unprecedented gains as investors ventured into the AI space. Perhaps the biggest winner, however, was cutting-edge chipmaker Nvidia. In June, it became the seventh American company whose market value exceeded $1 trillion.

Fortunately, the investment sector is also experiencing significant growth in Armenia. Various companies have emerged in the market, and society possesses a certain level of knowledge and understanding of the industry. The fact that our clients approach us with specialized questions indicates their active engagement with the field, the activities of other companies, and their quest for a reliable and stable investment partner.

Promising 2024: Goals, next steps, vision

Having successfully achieved our set goals for 2023, we anticipate 2024 to be an even more favorable year for investments, particularly for small and mid-cap companies. Therefore, the upcoming year will be one of active and expanded engagement for us.

In 2024, we will continue to work on improving our application and adding new tools. Experience has shown that for the convenience of customers, it is more correct to develop our software ourselves. We have already started recruiting an insource IT team, so that the program will be developed in accordance with our market, tax, and accounting features. This is a long-term investment, and it will definitely pay off. We also plan to integrate new financial instruments and markets: namely Chinese, Indian, which are markets with great potential.

Anticipating a substantial increase in investments and interest in them, we emphasize the great potential that the Armenian market presents. It is noteworthy that financial literacy among the population is on the rise, and with the aid of new technologies, improved access to information, and strategic initiatives, we will achieve even more remarkable results in the coming year.