Egyptian Exchange Posted
The Egyptian Exchange (EGX) participated in the Arab Monetary Fund (AMF) webinar entitled “Digital Transformation in Capital Markets Operations & Respective Regulations” today, to exchange experiences and explore opinions on formulating policies for digital transformation and its technological applications. Participating in the event were leaders of the Arab Markets, international financial institutions representatives, in the presence of Dr. Abdul Rahman Al-Hamidi, Director General Chairman of the AMF and Mr. Rami Al-Dakani, Secretary General of the Arab Stock Exchanges Union.
Dr. Mohamed Farid, Chairman of the Arab Federation of Exchanges and Executive Chairman of EGX, said that EGX is accelerating the pace of implementation of financial technology in the business, especially operational systems; trading, disclosure, etc. adding that Arab markets need to be updated with these rapid developments to keep pace with international changes. He continued that the applications of financial technology will facilitate access for all financial services, which in turn contributes to financial inclusion, stressing its important role in ensuring the stability and continuity of development in the capital markets fields.
Dr. Farid revealed the increasing numbers in individual daily trading which is directly related to the development and modernization of all systems to help enhance and facilitate investors’ access to the market. He pointed out that all markets are now competing in applying financial technology adding that the capital market industry is one of the leading industries in the FINTECH field.
Dr. Abdul Rahman Al Hamidi, Director General Chairman of the Arab Monetary Fund (AFE), said that the AMF gives great importance to supporting digital transformation strategies not only on capital markets level but also on various economic sectors levels, because of its benefits in allowing Arab investor better access to financial services. He added that digital transformation development and the activation of financial technology applications, there should be great balance between development and regulation.
Rami Al-Dukani, Secretary General of the Arab Federation of Exchanges (AFE), said that the Federation is supporting all transformations and developments in financial technology applications in the Arab region to facilitate and increase intra-Arab trading rates. He added that the AFE’s annual conference scheduled for the 29-30 of March, 2021 will include specialized sessions on FINTECH and how it could be used to support the capabilities of Arab stock exchanges.