Egypt’s Supply Minister: Digital Transformation Essential for Financial Systems

Egypt’s Minister of Supply and Internal Trade, Sharif Farouk, affirmed that digital transformation is no longer an option but an imperative for reshaping financial and accounting work systems.

Farouk’s remarks came during his participation in the first International Conference on Innovation and Financial Technology, organized by Ain Shams University’s Faculty of Commerce. He also chaired the conference’s inaugural session, titled “The Digital Revolution and its Technological Impacts.”

The minister’s involvement aligns with Egypt’s commitment to supporting digital transformation initiatives and leveraging modern technology to develop economic and financial sectors. The session brought together a distinguished group of national leaders and decision-makers from banking, finance, and technology sectors.

Farouk emphasized the importance of utilizing financial technology tools and artificial intelligence to enhance operational efficiency, elevate transparency levels, and improve decision-making quality. This, he noted, contributes to market stability and sustainable economic growth.

Discussions during the session covered the future of financial and accounting professions amid rapid technological advancements. Participants explored FinTech’s role in evolving financial reporting and analysis systems, reviewed AI applications in auditing, and examined blockchain technology for building secure and reliable accounting records that bolster trust in financial transactions.

The importance of qualifying human resources to meet the demands of a changing job market was also addressed. The session underscored the necessity of integration between academic institutions, executive bodies, and the private sector to prepare a workforce capable of leading the digital transformation phase, in line with sustainable development goals.

The session featured prominent leaders and experts, including the Vice Chairman of the National Bank of Egypt, the Head of the Information Technology Institute (ITI), the Chairman of the Egyptian Exchange, officials from major electronic payment and collection companies, and several academics specializing in accounting and information systems.

The conference serves as a vital scientific and dialogue platform, bringing together academic and practical expertise to chart a forward-looking roadmap for the intersection of financial technology with economic and accounting disciplines.