The innovation hub and sandbox - "CORBEH", recently launched by The Egyptian Exchange (EGX), in collaboration with Financial Regulatory Authority (FRA), held its first talk on May 8, 2023, with the presence of financial technology business community.
The meeting aims to introduce CORBEH’s strategy, role and services to entrepreneurs and potential entrepreneurs interested in financial technology, as well as to introduce CORBEH's management and the steps to submit applications.
Rami El-Dokany, Executive Chairman of EGX stated that this event is the first step to introduce CORBEH and its planned role in supporting financial technology applications. The hub is intended to cater for not only the capital market but also all Non-Banking Financial Institutions (NBFIs) domains. He added "Technology has always been the basis of modernizing and expanding capital markets. EGX established this hub, inside its smart village premise, and will deploy all necessary resources for its success”. He said that CORBEH will provide necessary capacity building, management expertise, and help in securing funds.
The talk was attended by a number of technology-intensive securities brokerage firms, start-ups, entrepreneurs and potential entrepreneurs, and investment companies interested in financial technology.
CORBEH presented a number of existing investment opportunities, as EGX is working on fully digitizing its coding system; the process of creating a "unified code" for every new client. This will accelerate the pace of account opening and increase active investors number at EGX, which eventually improve market efficiency; EGX’s strategy ultimate goal.
The audience constructively discussed several issues including investment, regulatory and technical aspects of these opportunities.
Finally, CORBEH management encouraged all entrepreneurs interested in financial technology to unleash innovation and creativity to actively participate in creating solutions that support NBFIs. It also invited them to register on the official website (www.corbeh.com) and submit their ideas and proposals.
The Innovation Hub and Sandbox — CORBEH, launched by EGX in collaboration with FRA, will act as a platform to discover and support promising technology-based ideas to improve the NBFI ecosystem. CORBEH will work with regulators and policymakers to identify opportunities to modernize the regulatory framework for the capital market, in particular, and for NBFIs in general. CORBEH goals come in line with the framework of benefiting from digital transformation and financial technology in achieving financial inclusion.
