Future trends in the field of financial technology and digital payments in an unconventional session at Cairo ICT 2022

Ashraf Tawfiq

confirmed the session “From Cards to Tokens: Payments for a Generation Smart Technology” – held on the sidelines of the third day of the International Technology Exhibition and Conference in the Middle East and Africa, Cairo ICT 800 – the importance of future trends in the field of financial technology and digital payments and the continuous endeavor to localize digital tools , and the mechanisms required to encourage the use of electronic wallets through awareness campaigns to change the culture of cash dealing, in light of the expansion of the banking services market, and the participants in the session developed a set of solutions to overcome the security challenges that threaten the digital financial system.

Mahmoud Fawzy – Head of the Global Banking Transactions Department of the Commercial International Bank – said that the banking sector in Egypt began more than 100 years ago, explaining that the banking sector market in Egypt It includes 37 million customers, in addition to the presence of 800,000 POS machines in addition to 21,000 ATMs, pointing out that there are 54 m Lion customers have a smart bank card, including 5 million bank account cards, 20 million prepaid cards, in addition to 30 million electronic financial wallets.

Fawzi described the situation between emerging companies and financial technology as a hare and a turtle, especially with the many obstacles surrounding the financial sector, which leads to slow taking of effective measures and important decisions that contribute to accelerating the technological transformation of the banking sector.

0841 Hassan Khaled Al-Qai’i – innovation officer at the Arab African International Bank – explained that banking products must precede customer needs, especially since studies indicate that By the year 2028, customers’ needs and numbers will increase compared to banking services, which represents a major challenge for various types of banks.

And he stressed the need to take into account the challenges, especially in the absence of the necessary tools to attract customers to the uses of financial technology.
0841 Al-Qai’i noted that the number of adult individuals with bank accounts exceeds about 40 million, which exceeds about 60% of bank customers. And what necessitates the preparation of certain strategies to address the interests of that group, and try to attract them to the actual use of the service.
0841 To the banks’ targets for that number of customers, stressing the need for banks to attract a new segment of customers from the youth category and university students with the aim of cultivating a culture of digital banking.

Al-Qai’i called on banks to search for the importance of increasing the necessary tools to develop the number of their customers, stressing that the most important challenge for developing the audience of financial technology and online banking customers is to access the largest amount of data about all information related to customers, and try to Adapting that data to make money.
0841 Anwar Al-Megrahi, Cyshield FinTech Solutions Manager, confirmed that there is an opportunity. It is real to take advantage of digital projects, especially those presented to the citizen such as the electronic signature and try to link it to electronic payment and activate reliance on electronic transactions, indicating that the continuous updating of rules and decisions in the field of banking technology must be exploited effectively, and targeting groups that are not active in that.
0841 Al-Megrahi added that reliance on electronic financial wallets represents a promising and influential trend that must be utilized and adapted to increase The rate of digitization of financial transactions, and it is expected that the use of smart payment cards will disappear, especially with the global shift to the consolidation of the electronic payment system without the human factor, which shows the need for the culture of financial dealing in Egypt to change.
0841 Al-Megrahi showed that security threats face the field of digital payments in one direction only, depending on the method of use by customers, especially in light of the emergence of technologies that allow withdrawing balance from cards remotely. And hacking passwords as well, as well as relying on the scanner, which requires the need to educate users of the dangers of the threats they face.

Yousry Al-Badri – Sales Manager for FSI Solutions at Huawei North Africa – revealed that the only way to attract any new category to the uses of financial technology and digital payments is to conduct a case study that includes life behaviors, following up on their living goals, purchasing preferences, and so on.
0841 He added that the mobile phone represents the first strategy to attract customers, especially with the availability of its two most important features, which are the protection of security and privacy, expecting that transactions will be limited Digital finance on smartphones only within 6 years “Super App”, which includes many payment services in one application, with the intention to link them to financial electronic wallets and motivate customers through continuous awareness campaigns to use them in various payments of daily needs, such as bills, installments, personal expenses, shipping operations, government services and other financial transactions.

0841 Al-Badri reviewed a personal experience during his speech when he went to the exercise without a wallet, and he needed to buy personal supplies and treatment, so he went to A POS machine to withdraw from his bank wallet to pay the dues of the purchase process, which he sees as a reality in which we live, and it must be kept up with through smart phones.

And Nikolai Dimitrov – director of global sales operations at the “Software Group” company – indicated that the Security threats to digital payments target the exploitation of weakly secured communication points in the systems of stores and stores, through viruses, ransomware programs, and attacks aimed at gathering information.
Dimitrov stressed the urgent need for strict security controls, especially on e-commerce sites, and not to activate external code in the event of an unsafe environment for the cardholder.
0841 Ahmed Turki – Director of Operations at the “iCards” company affiliated to the iFinance Group – revealed that transfer operations need to be focused on by discussing the governing rules. And providing several facilities to customers, calling for linking all target customer groups to the electronic payment system, through applications suitable for them such as purchasing, education, entertainment, health, and providing attractive incentives.

Turki believes that the future of financial transactions in Egypt will move towards the launch of the digital banking system, especially with the strong and rapid progress of the private sector with the help of the Egyptian government, pointing to the need for discussions between banks, companies and the parent bank. Focus, to update the governing rules and legislation governing the field of financial technology and digital payments.
0841 The session was held within the activities of the sixth session The 20th of Cairo ICT Exhibition and International Conference on Technology in the Middle East and Africa, which will continue until this November, inside the Egypt International Exhibition Center in New Cairo. 0841 It is worth mentioning that the Ministry of Higher Education and Scientific Research is the guest of honor of the current session of the Cairo ICT Exhibition and Conference 2022, which was launched under the slogan Leading Change, and focuses on the tremendous development witnessed by the technology sector in Egypt and the region over a quarter of a century.20220841 The event includes the participation of more than 64 speakers and is accompanied by several exhibitions and specialized technology conferences are PAFIX, DSS, SATCOM, INSURETECH, ManuTech, Startup Africa, Connecta, and the event is sponsored by Benya Group, e-Finance, Huawei, Dell Technologies, CIB, Cisco, and Microsoft