Islamic Development discusses digital transformation processes in financial services and calls for the development of legislative frameworks

The participants in the “Era of Financial Technology” session, held within a group of the annual meeting of the Islamic Development Bank Group, currently being held in Sharm El-Sheikh, stressed that the technological infrastructure must be fully prepared be to the increasing growth in the field of financial technology.

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The participants also appealed to the need to pay attention to the drafting of appropriate financial regulations to address all developments and developments as a very important element, which imposes on us the need to prepare for the organization of the various aspects and nutrition thereof in the already existing system.

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The session discussed a number of digital transformation processes in financial services for some countries, in the presence of the President of the Financial Services Authority in Kazakhstan and Visa International. The Assistant Deputy Governor of the Central Bank of Egypt – Financial Technology and Innovation, as well as representatives of Egypt Post, the e-finance group for financial and digital investment Egypt, Klikt Financial Technology Egypt, and the Nclude Fintech Fund also spoke. The session was moderated by Sherif Sami, former head of the Egyptian Financial Supervisory Authority.

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Norkhat Kochemov: Kazakhstan unveils its digital experience and the creation of a body for financial technology companies

Norkhat Kochimov – CEO of the Financial Services Authority of Kazakhstan – said the legal system has been adapted to provide new services in the capital. These systems were created to facilitate and enable deeper and richer financial services and financial markets.

He pointed out that Kazakhstan since the nineties of the last century has always been a leader in many industries, especially banking, and during that time it did a lot, but it wanted to work not only in the financial industry, but also other markets such as capital markets and others included, and to handle this task, the state established this financial services center.

He added: The country has developed financial technology as an independent branch within the financial technology industry, and has also attracted many global operators for the ability to absorb their own model and help them launch and launch their commercial models. set and in the various stages of financial services, including payments and financing systems, each of which involves great value and benefits for global markets.

King of the Pope: Fintech companies in Egypt have multiplied 55 times since 2014

Malak al-Baba, director of the Visa Egypt office, asked: How did we see a 900% increase in operations during the Corona period within a few months? Everyone really needs to accelerate the pace to move forward in step with the accelerated development, specifically in emerging markets because there is a cultural perspective and there is a need for a profound transformation towards digital change.

She explained that Visa’s research has shown that the spread of financial technology is not hampered by the pricing of services, and the merchants themselves have the desire to address marketing and electronic payment channels.

She added: From the micro-activity side, in collaboration with the Central Bank, they have been offered a very low cost price for these micro-projects, which gives them the ability to stay in the market and compete.

Rasha Negm: The Central Bank of Egypt is preparing to issue a package of digital financial services

Rasha Negm, Assistant Deputy Governor of the Central Bank of Egypt – Financial Technology and Innovation, said: There are regulations for issuing digital banking licenses in Egypt and it will be issued soon, especially as financial technology is the main factor in various markets and everyone has smartphones that help them connect to financial inclusion from during digital transactions.

She explained that there are more players in the market; As well as start-ups and when the central bank has drawn up a fintech strategy ,. This is reflected in the development of the landscape and the development of the IT industry. In 2014, there were two financial technology companies, and now it has increased by 55 times. In Egypt, we have 14 sectors that have become possible in terms of financial technology, and there are many business relationships between a company, a customer, and a company.

Islam Darwish, founding partner at Nclude Fintech Fund, said: The big banks in Egypt like Banque Misr, National Bank of Egypt and Cairo all support the fund. It will also attract many investors to make the fund the largest risk investment fund in Egypt and Africa.

He added: There are many transformations, the first of which is related to the legislation representing the future, with regard to financial services; There is also a major development within the market, including the development of skilled people, as it is important that there is a range of expected projects and not those that transmit external developments, but that there should be innovative solutions that are suitable for the Egyptian market.

He pointed out that technological investments in the financial sector during the current quarter exceeded more than $ 150 million in investments in financial technology by emerging companies.

In turn, Said Talaat, President of Click Financial Technology in the Education Sector in Egypt, said: The company works with many banks, financial institutions and payment service providers, and what the company is doing is working in the field of financial technology, especially schools, where it is a platform for the payment of tuition fees through various mechanisms.

He added that the company tried to provide funding for parents, but it focused on schools ‘management of parents’ payments, and the management was done by hand, but that process was transferred to the electronic system, and the education market in Egypt is a large market, and 30% of the Egyptian population is under the umbrella of education, so additional solutions for payment operations have been developed. Expenditure In 2014, there were few who accepted to pay through banks, but this was entered into in partnership with banks to provide payment solutions through payment services via the Click platform.

Ehab Abu Bakr, vice chairman of the Egyptian Postal Council for Digital Transformation, said the Egyptian Post has about 32 million customers and about 15 million prepaid cards for pensions and others.

He pointed out that the bank owns about 700 ATMs, and many Egyptians do not know that the Egyptian Post is used for money transfers, and it has 3 work areas, including the banking sector, excluding loans, as well as the traditional postal work. , as well as the financial side.

As for the benefit from the overpayments of Egyptians abroad, he revealed that the Egyptian postal regulations allow him to transfer money across borders to abroad. Negotiations are currently underway with other parties to make the post the final stage in the completion of these external transactions;

Engineer Hani Moussa, Manager of Business Solutions at e-Finance Group, added: The group works with the government in the field of digital transformation in various agricultural and oil sectors, as well as land acquisition for owners and farmers, seasonal crop censuses, calculating the quantities of subsidized fertilizer and how it is distributed, in addition to providing payment cards, so the group integrates digital transformation and payment systems and it can no longer be delayed.

He pointed out that about 7 million citizens had paid their pensions from the Egyptian Post. This broad segment began to change its culture. And I have managed to own barter cards for the payment of pensions directly through the barter machines, and this is a great transformation and development in the cultures of the traders.

He added that Egypt has a highly developed structure that enables the provision of many services, and the group has about 13 partners in the field of electronic collection and payments.

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