04:24 PM
Sunday, March 19, 2023
Books – Alaa Hajjaj:
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, said that the CORBEH Center will be launched as the first center for financial technology solutions that enhances the capabilities of the non-banking financial sector and its role in supporting business enterprises to grow.
Farid added, during his participation in the activities of the RiseUp Summit 2023 for entrepreneurship and startups, that the new center will serve as a platform for discovering, supporting and qualifying promising ideas supported by technology to improve the non-banking financial business environment for all parties.
Farid called on entrepreneurs and startups to actively participate in finding solutions that support the national economy.
He explained that enabling digital transformation and financial, investment and insurance inclusion comes within the objectives of the authority’s vision to enhance the role of non-banking financial activities in the economy.
The Chairman of the Authority pointed out that the new center is an opportunity for entrepreneurs to innovate solutions supported by technology in an environment that guarantees them the completion of all its work cycles to become a reality that keeps pace with all the procedural and legal requirements that regulate the work of the non-banking financial sector.
He stressed that the FRA sets its sights and top priorities on enhancing levels of financial inclusion through financial technology tools, indicating in this regard that the penetration rates of insurance, financial and investment products in the non-banking financial sector are still modest and need to combine all efforts and harness the energies of technology to achieve it.
During the summit, Ramy El Dokani, Chairman of the Egyptian Stock Exchange, said that the launch of the “Corbeh” center aims to study the compatibility of proposed financial technology applications for all non-banking activities with the applicable laws before implementation.
He revealed the stock exchange’s endeavor to take advantage of modern technologies in the fields of securities to upgrade the industry.
Al-Dukani 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.
He explained that the stock exchange management puts 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, and also to simplify and accelerate all steps and procedures related to the investment process, whether coding, selling, buying, settlements, financing, as well as monitoring.
