In response to the rapid acceleration of FinTech, the Financial Regulatory Authority (FRA) is spearheading the integration of digital solutions across the non-banking financial sector. This strategic initiative is designed to broaden financial inclusion while setting new benchmarks for operational efficiency, transparency, and service excellence.
In this regard, Law No. 5 of 2022 was enacted to regulate the use of FinTech in non-banking financial services. This comprehensive legislative framework enables the deployment of digital applications, Artificial Intelligence (AI), and Big Data analytics across key sectors, including consumer finance, insurance, financial leasing, and factoring.
The Authority has issued several regulatory resolutions to implement FinTech law. These resolutions include licensing rules, cybersecurity standards, and regulations governing e-platforms. Additionally, a specialized FinTech Support Unit was created to foster innovation and monitor emerging trends within the Egyptian market.
To access regulatory resolutions (click here).
Importance of Digital Transformation:
The integration of FinTech into the non-banking financial sector is a pivotal move designed to:
- Reduce expenses and deliver services faster.
- Improve regulatory and monitoring efficiency.
- Empower startups and innovative service providers.
