Highlights of Chairman Al Ballaa’s speech during AFCM 2024

Highlights of Chairman Al Ballaa’s speech during AFCM 2024

Mubasher: Chairman of Mubasher Financial Group, Mohammed Al Ballaa, stated that the emergence of the fintech industry helped with the success witnessed in stock exchanges and different sectors over the past years. Al Ballaa noted, during the third edition of the Arab Federation of Capital Markets (AFCM) Annual Conference, that fintech is a general comprehensive term, but it is not limited to initiatives, platforms, or smart applications that serve certain segments. He elaborated that it includes big achievements carried out by the Arab exchanges and capital markets, as well as capital market authorities, including the Egyptian Exchange’s (EGX) execution of the first step in digital transformation of stock markets in 2000 under the leadership of Sameh Eltorgoman. This was seen in publishing data and trading information. Al Ballaa carried out by adding that the EGX’s move was followed by providing the first online trading services by the Saudi Exchange (Tadawul); a step that proved the success of shifting to the online method, as Tadawul used to register 2,000 daily transactions, but within two years from this transformation the number of daily transactions surged to more than 500,000 in Tadawul. Furthermore, the number of stock investors skyrocketed from 30,000 to 15