The Financial Regulatory Authority (FRA) has allowed brokerage and asset management companies to open customer accounts online. According to the statement addressed to brokerage firms and asset management companies, the decision is an activation of the digital transformation steps that the Egyptian state is currently following. Mohamed Maher, head of the Egyptian Capital Market Association (ECMA), said that the entity has the technological infrastructure required for the online process. Mohamed Lotfy, managing director of Ostoul Securities Brokerage, said that the FRA is working to facilitate the procedures for contracting with clients to increase the volume of trading. Mohamed Hassan, Managing Director of BLOM Asset Management, said that technological transformation is necessary to keep pace with the global economy, and that technological transformation will help increase trading volumes, but with slow growth at the beginning.
