The Egypt Financial Regulatory Authority used a meeting with a World Bank delegation to review its latest capital market reforms and broader non-bank financial sector agenda. The authority highlighted planned regulatory changes to activate short selling of borrowed securities, market-maker activity and further development of the financial derivatives market on the Egyptian Exchange. It also presented a training program due to start on July 26 for temporarily listed state-owned companies and their senior executives to support the government offerings program. The agenda is aimed at broadening investment strategies, improving market efficiency and liquidity, and expanding the investor base. Supporting measures discussed included digital platforms for trading real estate investment fund units, updates to capital, solvency and governance requirements, and a requirement for finance companies to apply Basel III standards. The authority also pointed to continued technology upgrades across the non-bank financial sector, noting that more than 73 companies were providing non-bank financial services using financial technology by the end of last year, with about 190,000 digital contracts issued and more than 345,000 electronic know-your-customer checks completed. Looking ahead, the authority said it plans full technical linkage with companies across all supervised non-bank financial sectors to create shared, continuously updated datasets, adopt Extensible Business Reporting Language reporting and introduce artificial intelligence tools for data analysis and indicator production. The same digital framework is intended to simplify incorporation, licensing, listing and relisting procedures.

Original source Back to tracker