The Egyptian Exchange participated in a panel discussion on “Digital Transformation and Market access” within the activities of “Building African Financial Markets” forum hosted by Dar es Salaam Stock Exchange (DSE) in Tanzania during the period from July 1-2, with the participation of a large number of chairmen and representatives of stock exchanges, financial markets, African and international financial institutions in the board meetings of ASEA.
Mr. Omar Radwan, Executive Chairman of the Egyptian Exchange, emphasized the importance of enhancing role of the Egyptian capital market within the regional and international financial markets, highlighting the role Egypt plays within the African continent. He pointed out that the upcoming period will mark international activities in collaboration with different financial markets, supporting efforts of market development, enhancing its competitiveness and its investment attractiveness.
During the session, Ms. Rehab Sallam, Head of International relations, presented the Egyptian Exchange experience in utilization of Financial Technology (Fin-Tech) to expand the investors base in Egypt, enhancing facilitating access to the market. She emphasized that the Egyptian market witnessed a significant growth during the previous period, and the number of new investors doubled, especially youth. This was supported by the legislative and regulatory developments, on top of which is Fin-Tech law and electronic identity verification (eKYC) applications.
Also Ms. Sallam presented some of the projects that the Egyptian Exchange is working on including: artificial intelligence (AI) applications, digital disclosure project using XBRL, expansion of smart applications for investors, in addition to the latest developments regarding financial derivatives market. She also highlighted the performance of EGX indices, and the importance of these tools in enhancing efficiency of the market, increasing its competitiveness, and attractiveness to investors.
Rehab Sallam confirmed that the Egyptian Exchange continues to launch technological initiatives and innovations, contributing to improve the experience of local and foreign investors, aligning with the best global practices, supporting efficiency of the market and enhancing transparency and disclosure levels.
This participation comes within the strategy of the Egyptian Exchange aiming to enhance its openness to the regional and international markets, especially the African ones, supporting the development efforts facilitating for investors to reach the Egyptian market and highlighting market’s developments. Besides exchange of expertise as well as the best practices with the different financial markets.
On the sidelines of the conference, a series of meetings were held with the CEO of the World Federation of Exchanges (WFE), attended by advisors from WFE, to discuss several topics of mutual interest as well as ways of enhancing cooperation between both sides. Also several bilateral meetings were held with some representatives of financial markets and Egyptian businessmen in Tanzania, aiming to enhance communication and explore opportunities of cooperation that serve development of the Egyptian capital market.
