Magdy added that Nawy Shares' plan also includes working to provide all stages of services digitally by obtaining a financial technology license. He noted that these services include electronic customer identification and registration (E-KYC), identity verification and linking to the civil registry, as well as anti-money laundering procedures and the implementation of purchases through its app.
He pointed out that the company submitted a letter to the FRA containing proposals to amend some of the regulations governing the crowdfunding mechanism, in cooperation with White & Case to prepare the necessary legislative framework. He explained that the most important points highlighted in the proposals included allowing the trading of real estate shares without being bound by a specific installment period, which was previously limited to five years.
Magdy stressed that the regulatory amendments will help protect the rights of all parties, from investors and real estate developers to the investment platform, thanks to the existence of a clear legal framework.