Egyptian Exchange Posted
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), and Mr. Rami El-Dokany, Executive Chairman of the Egyptian Exchange (EGX), participated in “RiseUp Summit”, the largest entrepreneurship event in the Middle East at the Grand Egyptian Museum. Inspired by this year’s theme – “Stay Real”, the summit witnessed a huge participation from entrepreneurs, startups, and key figures from financial and business communities.
Dr. Mohamed Farid said that FRA’s participation in the summit in its 10th edition reflects FRA’s commitment to support entrepreneurs and startups in view of their strategic role in providing innovative technological solutions boosting Egyptian economy.
He added that the current RiseUp summit witnessed the announcement of the first Innovation Hub & Sandbox to support innovative financial technology solutions for non-banking financial sector.
Dr. Farid stated that FRA is working to enhance the role played by non-bank financial sector in the Egyptian economy through introducing various financial and insurance solutions/ products supporting business development and expansion. FRA is working on improving regulatory framework, expanding financial inclusion and insurance coverage, supporting markets’ stability, introducing new products, as well as building necessary professional capacities. He added that FRA is giving special attention to the role of the financial technology in helping rapid and sustainable spread of non-bank financial products and enable accessing them easily.
Rami El-Dokany announced the launch of the first integrated technology innovation hub and sandbox – “CORBEH”, in partnership with FRA. As a regulated sandbox located at EGX’s premises, “CORBEH” will provide a platform to experiment and to test new ideas, technologies, and business models, safely, in the Non-Banking Financial Sector Ecosystem before implementation.
“CORBEH” will facilitate access to huge resources including technological facilities, finance, management, training, expertise, and mentorship. It will provide networking opportunities to create a vibrant ecosystem for innovation and entrepreneurship. This innovation hub and sandbox will work with regulators and policymakers to identify opportunities to modernize the regulatory framework for the capital market, in particular, and for Non-Banking Financial Sector in general.
El-Dokany stated that as technology has always been the core of capital markets growth, and as it is an effective means to reach financial inclusion, EGX decided to become technologically driven to meet our stakeholders’ needs.
EGX established “CORBEH” to foster collaboration between financial institutions, startups, and entrepreneurs to develop innovative financial solutions that drive growth and modernization in the Egyptian Non-Banking Financial Sector.
He added that EGX was keen to participate in RiseUp Summit to elaborate on our role in supporting entrepreneurs and startups to have access to required funding for expansion. EGX’s listing department spares no effort to help companies to fulfill the listing requirements.
Rami El-Dokany also encouraged entrepreneurs participating in the summit to invest in the Egyptian stock market and to benefit from the financial technology advantages offered by its trading platforms.