Egypt launches Financial Technology Solutions Support Center "CORBEH"

CAIRO - 19 March 2023: Head of the Egyptian Exchange (EGX) Ramy El Dokani announced the launch of the first center to support innovative financial technology solutions for non-banking activities under the name “CORBEH”.

 

This is done under the auspices of the EGX and in partnership with the Financial Regulatory Authority, with the aim of incubating and sponsoring new projects and ideas in all areas of financial technology, provided that the compatibility of the proposed business model for each new project with the applicable laws is studied before making any investments (sandbox).

 

He said that the center will work with regulators to explore opportunities to modernize the regulatory framework for the capital market in particular and the non-banking financial sector in general, in order to help maximize growth and investment opportunities in the sector.

 

El Dokani explained that technology has always been the basis on which the modernization of financial markets and the enhancement of their growth were built. Therefore, the Stock Exchange decided to establish this center within its headquarters in the Smart Village and to provide all the necessary data and resources for its work.

 

Head of the EGX added that the center will work to qualify and guide companies that provide innovative financial technology solutions and support their growth by providing an integrated package of services and technical, administrative and financial support for them, including setting growth strategies and then following up on implementation as well as training cadres and raising their efficiency with assistance in financial structuring and needed fundraising for expansion.

 

He explained that the stock exchange management places financial technology and its applications at the center of its interests as an effective means to reach financial inclusion and increase the number of traders, as well as to simplify and accelerate all steps and procedures related to the investment process, whether coding, selling, buying, settlements, financing, as well as supervision.