Egypt is moving closer to launching a remote electronic contracting system designed to simplify foreign investors’ access to the Egyptian Exchange (EGX).
Known as the Electronic Passport, or e-Passport, the system is intended to allow citizens of approximately 150 countries to complete contracting procedures online without visiting Egypt in person, according to the announcement.
The e-Passport has entered the Financial Regulatory Authority’s (FRA) regulatory sandbox and is approaching the final stages ahead of its expected launch. Omar Radwan, executive chairman of the EGX board, disclosed the update in an interview with Asharq Business.
The initiative brings together the EGX and the FRA, which is overseeing the system during its sandbox phase. Its planned international reach is aimed at making entry to Egypt’s capital market more accessible to foreign investors.
The official launch is the next key milestone. It is expected to clarify how eligible investors will use the system to complete electronic contracting procedures remotely.
Source: WAYA
