- Broad participation of non-bank financial institutions at Cairo ICT to demonstrate their digital transformation initiatives
Dr. Mohamed Farid, FRA Chairman visited NBFIs booths at Cairo ICT. The event, which runs until November 20th under the theme “The Next Wave,” highlights the latest technologies in non-bank financial services, among other services.
Dr. Farid toured the booths of participating companies, including Misr Life Insurance, Beltone, MNT-Halan , GIG Insurance, MetLife, and Tanmiya.
FRA is committed to driving digital transformation and promoting innovation in Egypt’s non-bank financial sector. By creating a supportive regulatory environment, the Authority aims to encourage startups and established institutions to form partnerships and expand financial services to a wider population.
FRA aims to provide a conducive regulatory environment that enhances the role of technology in various financial services, in line with Egypt’s Vision 2030 and plan to digitize all financial services. In this regard, FRA has completed the legislative framework that began in 2022 with the issuance of Law No. 5 of 2022 regulating the use of fintech in non-bank financial activities, following this Decree No. 58 of 2022 on the terms and procedures required for establishing and licensing fintech companies.
Prime Minister, Dr. Mostafa Madbouly visited FRA’s booth at Cairo ICT. Dr. Mohamed Farid presented the Authority’s initiatives to digitize non-bank financial services. This aims to accelerate digital transformation and make financial services more accessible to all segments of society through digital channels.
Last modified: November 20, 2024