The year 2019 witnessed the transformation of traditional investment banks into integrated non-bank financial companies and the emergence of the role of information technology and artificial intelligence applications in enabling financial services companies to widely spread and access the markets of the financing needs for companies and individuals.
Hundreds of licenses obtained by companies to provide non-bank financing services and the bold steps of the government and the Central Bank of Egypt (CBE) in support of the financial inclusion strategy and the applications of financial technology “FinTech” aimed at strengthening non-banking financial services. It indicates that we are on the threshold of a new stage of creating a more marketable financing market.
The annual capital market summit 2020 discusses opportunities and risks in non-banking financial services and the impact of the expansion in the financial leasing and consumer financing activities on financial markets, and addresses the updates of the commodities exchange launched by the Ministry of Supply and the Egyptian Exchange (EGX). The EGX is also about to launch the annual market for government bonds in cooperation with the CBE and the new depositary company for the settlement of government debt instruments, as well as the effect of trading these instruments globally through Euroclear in accordance with the agreement signed with the Ministry of Finance.
The summit witnesses an expanded dialogue on the government’s plans to partner with the private sector and the ideal model for maximising the value of state-owned public assets. The summit seeks to shed light on the prospects for diversifying the tools of public offerings by the government and the private sector to finance companies through the capital market, and introduce new tools that contribute to the depth of the market and its growth.
The summit presents the vision of the information technology sector in providing growth opportunities for non-banking financial services and achieving greater access into those services to larger groups of investors and beneficiaries.