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The Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) has launched, in partnership with the Governmental Electronic Certification Authority (AGCE), the digitization of orders with the aim of giving greater dynamism to transactions on the market national financial institution, while improving the attractiveness of the latter.
It was the president of COSOB, Youcef Bouznada who announced, the day before yesterday, the commissioning of an electronic platform called “E-tawki3”, with a view to transferring orders which were previously made in paper format to a electronic format. Digitization allows investors to present their orders with ease and greater speed, through intermediaries in stock exchange operations, electronic banking services e-banking, or through other applications, making it possible to facilitate the operation of transaction, while saving them the hassle of traveling to bank branches.
The launch of this platform, which took place with the contribution of the Association of Banks and Financial Institutions (Abef), comes “in accordance with the guidelines of the President of the Republic, Mr. Abdelmadjid Tebboune, aiming to generalize digitalization in all sectors, particularly those linked to financial services,” said Mr. Bouznada.
Explaining the mode of action of the new platform, the President of the Commission affirmed that this digital tool made available by the AGCE, “benefits from a set of strong instruments, for the development of titles with ease and efficiency, just as it allows the implementation of qualified electronic signatures capable of giving electronic transactions an official character and making them more secure.
Three SMEs plan to go public
After welcoming the successful entry of the Crédit populaire d’Algérie (CPA) on the Algiers Stock Exchange, at the beginning of 2024, pending the introduction, during the same year, of the Local Development Bank (BDL) and “a company in the telecommunications sector”, Mr. Bouzenada said that COSOB recently received requests from three small and medium-sized enterprises (SMEs) expressing their intention to enter the stock market, specifying that the study of the files of these companies operating in the industrial sector was underway. He also announced the upcoming launch, before the end of the current year, of a digital portal dedicated to the financial market. The latter will make it possible to submit all requests from financial market operators online, in addition to the launch of the new COSOB website.
For his part, the Director General of Digitization, Digitalization and Economic Information Systems at the Ministry of Finance, Mr. Boudjema Ghanem, noted that the launch of this project is part of the continuation of the process digital transformation of the country and the development and modernization of the national financial market, with a view to boosting stock market transactions and reducing their costs for operators, whether individuals or businesses.
Ghanem also underlined that the challenges to be met in this area concern in particular the revision of the legal and regulatory framework of the stock market in order to create an environment conducive to the growth and development of the financial industry in Algeria.
And added that the creation of digital financial assets and the management of their platforms constitute a challenge for the stock market due to their dimensions which require special attention, in particular risk management, securing user data, establishment of suitable infrastructure, interoperability and the development of new technologies such as Blockchain and its exploitation. In the same vein, COSOB and AGCE signed a framework agreement defining the general framework to activate the digitization of stock market orders via the digital electronic signature platform for the benefit of approved stock market intermediaries.
In this regard, Ms. Zahia Brahimi, Director General of AGCE, technological partner of COSOB within the framework of the platform project, affirmed that the agreement intervenes to support the accelerated dynamic of digital transformation that Algeria is experiencing.
Referring to the role of the authority, created in 2018, the same official indicated that the AGCE ensures the delivery of electronic certification certificates making it possible to identify the natural or legal person and to provide remote electronic signature services using different technologies.