الهيئة العامة للرقابة المالية

• Open dialogue with startups and entrepreneurs to discuss policies and tools for empowering startups

Dr. Mohamed Farid – FRA Chairman :

• Innovation and entrepreneurship are crucial for economic growth and competitiveness
• FRA is empowering entrepreneurs by facilitating access to diverse non-bank financial services
• We’ve developed tailored financial valuation standards for startups and are leveraging technology to support their non-bank financial needs

Dr. Mohamed Farid, FRA Chairman participated in an event hosted by the American Chamber of Commerce in Cairo to announce the formation of a new Innovation and Entrepreneurship Committee. Dr. Rania Al-Mashat, Minister of Planning and Economic Development, Amr Al-Abd, Advisor to the Prime Minister for Entrepreneurship, and other representatives from startups and entrepreneurial community attended the event.

Dr. Farid highlighted innovation and entrepreneurship as crucial drivers of economic competitiveness and development, especially for emerging economies. He emphasized the Authority’s significant role in supporting startups and entrepreneurs by fostering a conducive business environment.

Dr. Farid further explained that the Authority has implemented various regulations and decrees to stimulate growth in this sector, leveraging diverse non-bank financial solutions and services. This includes developing tailored financial valuation standards for entities, especially startups, to better align with their unique business models. Additionally, a decree has been issued enabling the establishment of fintech startups with a more accessible capital requirement of 15 million Egyptian pounds, compared to the 75 million required for traditional non-bank financial institutions.

In this context, he noted that FRA aims to promote financial inclusion, drive digital transformation and ensure the stability of non-bank financial institutions and markets, while safeguarding consumer rights.