The third edition of the Arab Federation of Exchanges (AFE) has discussed in its 10th session the extent to which financial technology is capable of shaping the future of world economies.
The conference speakers tackled Fintech (financial technology) and Rid Tech, as well as the future of encrypted currencies around the world and how to organize their trading.
Hirander Misra, chairperson and CEO of GMEX Group, said that technology companies are growing rapidly and now it is all about new innovations, hence, each company has its own issues that it must solve.
“Digital currency is one of the new digital technology solutions, but it has some problems. For example, traditional currencies supported by gold, however; digital ones are not supported, which is very dangerous,” he added.
“We have to control the cash flows that come from these digital currencies, and there must be reserves that support these currencies until there are natural selling and buying operations of these currencies.”
Francois Gerd, partner at McKinsey, talked about the relevance of technology to the money market and said that financial technology is the fastest growing among the rest of technologies now.
He added that there are clear advantages for the growth of financial technology, including the fact that services have become simpler, and the central bank is able to access and reach all information relevant to banks at no cost.
Ahmed Darwish from EFG-Hermes said, “We are currently trying to cooperate with banks through credit lines, but in the future we hope to cooperate with banks to strengthen this business.”