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Islam Azzam, Chairman of the Egyptian Exchange (EGX), announced that the exchange is currently undergoing a comprehensive technological development plan, including the launch of a new website and a mobile application, alongside expanding the use of artificial intelligence (AI) and data analytics.

Speaking at the Annual Capital Markets Summit: FinTech – The Road to Investment Inclusion, Azzam explained that the technical requirements for the new website have been finalized, including core interfaces and components. The new site is expected to launch within three months, followed by an accelerated rollout of the mobile application.

Among the key initiatives is the “Stock Rider” simulation and trading training program, which is being upgraded to include advanced tools such as short selling and derivatives. This will allow users, particularly young investors, to simulate trading and understand market mechanisms before using real money, aiming to raise financial literacy and reduce risks.

Azzam highlighted collaboration with domestic and international partners on the implementation of XBRL (eXtensible Business Reporting Language) standards, as part of the Financial Regulatory Authority’s mandate for companies to submit digital financial statements instead of traditional PDF files. This enables advanced data processing, analysis, and AI applications to enhance market transparency.

He emphasized that integrating AI into financial statement analysis will provide deeper insights and greater transparency for all market participants. The exchange also plans to embed AI-driven solutions into the website and mobile app, marking a priority for the next phase.

Regional and international collaboration
Regarding regional and international cooperation, Azzam noted ongoing communication with other exchanges, particularly in the Arab and African regions, to explore technological partnerships and knowledge exchange. Discussions included African exchanges and AI-focused companies, including a French AI firm, during his participation in African Exchanges Union meetings.

He also highlighted the African Single Exchange initiative, noting growing interest despite challenges related to trading and settlement differences, with ongoing discussions to enhance market integration.

E-KYC and digital identity
Azzam discussed the electronic customer identification (E-KYC) system, linked to regulatory infrastructure, including the Financial Regulatory Authority, civil registry databases, and the National Telecommunications Regulatory Authority. This system enables electronic verification of identities and phone numbers, accelerating account opening procedures and client classification.

He concluded that the technological upgrade and AI adoption form part of a broader strategy to modernize the Egyptian market, improving efficiency, liquidity, transparency, and boosting investor confidence locally and internationally.