Financial technology aims to ensure the development of capital markets: Arab Federation of Exchanges

CAIRO – 22 March 2021: President of the Arab Federation of Exchanges, Head of the Egyptian Exchange, Mohamed Farid, participated in the activities of the seminar organized by the Arab Monetary Fund in cooperation with the Federation of Arab Exchanges, entitled "Digital Transformation in Capital Markets", to exchange experiences and seek views on how to formulate the necessary policies for digital transformation and its various technological applications.

Farid said in a statement, Monday, that stock market decision-makers are currently working to accelerate the pace of including digital transformation and financial technology applications in their work, especially the systems responsible for all tasks related to the securities industry, such as trading and disclosure.

He stressed that work systems in the field of capital markets need to be rapidly developed to keep pace with all changes and developments in this regard.

He added that financial technology applications would facilitate universal access to all financial services, which would contribute to achieving financial inclusion, stressing that financial technology has a major role in enabling everyone to access financial services in parallel with strengthening supervision in order to ensure the stability and continuity of development in the field of stock exchanges.

The Chairman of the Stock Exchange revealed an increase in the percentage of individuals' transactions out of the total daily trading values, which requires the development and modernization of all auxiliary systems to enhance their investments and facilitate their access to that.

He pointed out that all services available in the field of capital markets have begun to take serious steps in relying on financial technology applications, noting that the securities industry is one of the most important industries pioneering in the field of digital transformation.

According to Farid, the goals of the digital transformation and financial inclusion plans include increasing the rates of saving and investment needed to achieve strong, job-rich economic growth.

For his part, Director General of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, said that the management of the Fund attaches great importance to supporting digital transformation strategies not only at the level of stock exchanges but at the level of various economic sectors, because of its importance in facilitating and facilitating the access of the Arab citizen to financial services.

Al-Hamidi added that, in order to achieve the goals of digital transformation and activate financial technology applications, a great deal of balance must be taken into account between development and control, to ensure that dealers and Arab economies are protected from any risks such as financing terrorism and money laundering.