Egypt’s EGX Teases “Pleasant Surprises” with Early 2024 FinTech Rollout

CAIRO – The Egyptian Exchange (EGX) is set to unveil “pleasant surprises” early next year regarding the integration of financial technology (FinTech) into its operations, according to EGX Chairman Dr. Islam Azzam.

Speaking at the Ain Shams University Faculty of Commerce’s first International Conference on Innovation and Financial Technology, Azzam underscored FinTech’s critical role in boosting financial market performance and enhancing investor experience. He stressed that digital transformation is no longer optional but essential for evolving trading mechanisms and fostering transparency and efficiency within the capital market.

Azzam noted the EGX’s recent efforts to launch digital applications, enabling individuals and investors to easily access market services via smartphones. This initiative aims to broaden the base of market participants and encourage individual engagement in financial market activities.

He added that significant projects leveraging FinTech are slated for implementation during the first quarter of next year. These initiatives are designed to improve operational efficiency and streamline transactions, reflecting the Egyptian market’s commitment to modernizing its digital infrastructure and facilitating dealings for all investor categories.

The EGX chairman affirmed that these technological shifts will solidify the exchange’s position as a leading financial platform in the region. He called for integrated efforts between the academic and financial sectors to accelerate the adoption of modern technologies in financial markets.

Separately, Dr. Heba Saleh, Head of the Information Technology Institute (ITI), lauded the Ain Shams University Faculty of Commerce for its pioneering role in supporting innovation and advancing the use of FinTech in education, finance, and banking sectors.

Saleh highlighted the faculty’s success in providing a distinguished platform that brings together academics, experts, and students to discuss the latest developments in financial inclusion and FinTech. She described the conference’s timing as crucial for strengthening collaboration between Egypt’s academic and financial sectors.

She further explained that technology has allowed ITI to expand the reach of its educational programs, offering full online scholarships to students both within and outside Egypt. This, she said, exemplifies the successful partnership between educational and financial institutions in delivering advanced and effective services.

The ITI head emphasized the importance of concerted efforts from all relevant parties to support FinTech and establish regulations and solutions for current challenges. She commended the substantial efforts made by the Ain Shams University Faculty of Commerce to develop education and connect students with the job market amidst modern digital transformations.