الهيئة العامة للرقابة المالية

• Prime Minister Mostafa Madbouly visited FRA’s booth and listened to a presentation by Dr. Farid on digital transformation efforts.
• Numerous non-bank financial institutions under FRA’s supervision showcased their digital transformation initiatives at the exhibition

Dr. Mohamed Farid , FRA Chairman:

• FRA is establishing a regulatory sandbox to empower fintech startups and drive innovation in the non-bank financial sector
• Accelerating the digitization of non-bank financial transactions is a key driver for achieving financial inclusion
• Boosting digital transformation governance to safeguard data and customer rights
• Addressing digital gaps in non-bank financial sector enables the adoption of innovative financial technologies, stimulating business growth and performance
• FRA is conducting workshops and meetings with startup to introduce them to the regulatory sandbox and provide guidance on developing and implementing innovative digital business models

Prime Minister, Dr. Mostafa Madbouly accompanied by Dr. Amr Talaat , Minister of Communications and Information Technology and Dr. Ayman Ashour, Minister of Higher Education and Scientific Research witnessed a presentation by Dr. Mohamed Farid , FRA Chairman outlining efforts to accelerate digital transformation in the non-bank financial sector and create a conducive regulatory environment to support digital transformation.

Dr. Farid highlighted FRA’s efforts in creating a robust regulatory and legislative framework to expedite the digitization of non-bank financial transactions, supporting Egypt’s Vision 2030 of a knowledge-based digital economy.

Dr. Farid emphasized that the participation in Cairo ICT aims to highlight the efforts to drive digital transformation in the Egyptian economy. He noted that FRA, along with its regulated entities such as finance companies, capital markets and insurance, is participating to introduce the community to non-bank financial services, their benefits and how to access and utilize them, contributing to improving people’s livelihoods.

Additionally, Dr. Farid highlighted FRA’s significant role in driving digital innovation within the non-bank financial sector. He detailed the comprehensive regulatory framework established through Law No. 5 of 2022 regulating Fintech and related decrees no. 58, 139,149,141 of 2023, which cover key areas such as digital identity, KYC procedures, and enabling technologies for fintech companies.

Also, he discussed FRA’s regulatory sandbox, a controlled environment for testing new financial technologies and business models in the non-bank financial sector.

Dr. Farid highlighted FRA’s commitment to leveraging technology to drive financial inclusion and ensure market stability. FRA will actively engaged in Cairo ICT 2024 over the next three days, participating in various workshops and discussions on digital transformation and financial literacy.