The Stock Exchange participates in the “Building African Exchanges” conference in Tanzania
Ziad Abdel Fattah
The Egyptian Exchange participated in a panel discussion on “Financial Technology and Market Accessibility” as part of the “Building African Stock Exchanges” conference hosted by the Dar es Salaam Stock Exchange in the United Republic of Tanzania from July 1 to 2, with the participation of a large number of heads and representatives of African and international stock exchanges, financial markets and financial institutions in the meetings of the Board of Directors of the African Securities Exchanges Association.
Omar Radwan, Chairman of the Egyptian Stock Exchange, emphasized the need to strengthen the position of the Egyptian capital market within the regional and international financial market system, stressing the importance of the role Egypt plays on the African continent and noting that the coming period will see international initiatives in cooperation with various capital market stakeholders, thereby supporting efforts to develop the market and enhancing its competitiveness and investment appeal.
Fintech Employment Experience
During the discussion session, Rehab Salam, Director General of International Relations at the Egyptian Stock Exchange, reviewed the experience of employing financial technology to expand the investor base in Egypt and enhance market accessibility, stressing that the Egyptian market has witnessed remarkable growth and a doubling of the number of new investors, especially among young people, in light of the support directed towards the legislative and regulatory developments, most notably the Financial Technology Law and electronic identity verification (eKYC) applications.
Salam also reviewed several projects the Egyptian Exchange is working on, including artificial intelligence applications, a digital disclosure project using XBRL, and the expansion of smart applications for investors, in addition to the latest developments in the financial derivatives market. The Director General of International Relations at the Egyptian Exchange also highlighted the performance of market indices in the Egyptian market and the importance of these instruments in enhancing market efficiency, competitiveness, and attractiveness to investors.
The stock exchange is adopting technological initiatives.
Rehab Salam affirmed that the Egyptian Stock Exchange continues to adopt technological initiatives and innovations that contribute to improving the experience of local and foreign investors, in accordance with best global practices, which supports market efficiency and enhances levels of transparency and disclosure.
This participation comes within the framework of the Egyptian Stock Exchange’s strategy aimed at enhancing its openness to regional and international markets, especially African markets, and supporting efforts to develop easy access for investors to the Egyptian capital market and highlight the developments it is witnessing, in addition to exchanging experiences and best practices with various capital markets.
On the sidelines of the conference, a series of meetings were held with the CEO of the World Federation of Exchanges, in the presence of advisors from the Federation, to discuss a number of topics of common interest and ways to enhance cooperation between the two sides. A number of bilateral meetings were also held with some representatives of the financial markets and Egyptian businessmen in Tanzania, with the aim of enhancing communication.
