Cairo – Mubasher: The Arab Federation of Exchanges (AFE) signed a memorandum of understanding (MoU) with the MENA Fintech Association (MFTA) in a bid to bolster cooperation and empowerment of financial technology in Arab capital markets.
The two bodies will cooperate in developing fintech solutions for startups and industry stakeholders and explore the possible means for cooperation in applying major technologies such as e-payments, blockchain and distributed ledgers, big data, and flexible platforms (API), according to a statement released by the Egyptian Exchange (EGX) on Sunday.
“Exchanges are on the crossroads of adopting financial technology as an enabler to investors, exchanges platforms, and clearing houses to expand businesses and ensure the distribution of services of Capital Markets products,” Mohamed Farid, chairman of AFE and executive chairman of the EGX remarked.
In addition, Rami El-Dokany, secretary general of the AFE, affirmed that “empowering fintech is no longer a choice to the financial markets, in such a competitive environment on limited funds, all players in the capital markets have to think differently on how to attract younger generations which are not enabled to access capital markets.”
It is noteworthy that the AFE comprises 16 exchanges and 4 clearing houses, as well as brokerage companies, with a combined number of listed companies of 1,590 that have total equity market capitalisation of $1.2 trillion.
For his part, Nameer Khan, chairman of MENA Fintech Association, noted that "it is vital to practically stay committed to enable growth and structural development of the already evolved and further evolving space of financial services sector in the region.”
