Sharikat Mubasher: The adoption of leading-edge artificial intelligence (AI) technologies bolsters the Egyptian financial sector, Mohamed Kishk, CEO of DU Trade, stated during his participation in the Cairo ICT 2023 expo.
In a session titled ‘Role of AI in the Financial Decisions,’ Kishk affirmed that this crucial sector is currently applying advanced technologies; however, it still needs a lot to apply AI technologies.
Kishk noted that the DU Trade platform uses the Robo Advisors service to boost investments in the Egyptian financial sector, but it is not an AI-based service.
He elaborated that the future of AI in Egypt is very promising as the Egyptian Exchange has circa 120 to 150 shares. In addition, the senior official pointed out that the trading volume in the Egyptian stock market witnessed remarkable progress during the first half of 2023, compared to the previous years.
Kishk applauded the efforts of the Central Bank of Egypt (CBE) to issue regulations that foster the adoption of financial technology (fintech), such as the recent decision regarding the potentiality of opening bank accounts via mobile phones as of 2024.
Furthermore, Kishk said that legislators must issue laws to facilitate integrating AI into the financial sector, in conjunction with the needs of the Egyptian market.
Cairo ICT 2023 is a leading technology expo in Africa and the Middle East that showcases the latest advancements in information technology, telecommunications, satellite communications, and artificial intelligence (AI).
It takes place from 19 to 22 November with the participation of over 400 local and global companies and more than 200 speakers.
Under the theme ‘Ignite Innovation: Merging Minds & Machines for a Better World,’ the four-day expo aims to explore ideas, share insights, and shape the future of technology.
Midar for Investment and Urban Development is the master sponsor of Cairo ICT 2023, while E-Finance Investment Group is the strategic partner.
Meanwhile, IBM is the digitalization sponsor, while ICT Misr and IoT Misr are the infrastructure sponsors of the expo.