الهيئة العامة للرقابة المالية

أحداث وفاعليات الهيئة

FRA Chairman Delivered a Keynote Speech  at CAISEC’25 Cybersecurity Conference – Monday 26 May 2025

• The conference featured a notable governmental presence, bringing together ministers from key sectors such as Health, Finance, Communications, Higher Education, Supply and Education.

Dr. Mohamed Farid – FRA Chairman :

• Cyberattacks and data breaches represent the new battlefield, necessitating preparation as a fundamental requirement for achieving financial stability.
• We prioritize cybersecurity by developing robust policies and systems to safeguard customer data, crucial for market stability.
• Our goal is to foster a work environment that ensures data security and market stability for all operating entities, thereby strengthening the sector’s contribution to the national economy.
• While Egypt’s rapid digital transformation brings new opportunities, it also escalates cybersecurity challenges and threats.
• Technological advancements must be matched by enhancing human expertise to effectively close the information gap.
• Sixteen companies have already secured FinTech licenses from the Authority, spearheading digital transformation within the non-bank financial sector.
• The Authority currently has four registered outsourcing service providers, with more companies anticipated to enter this market in the near future.

Dr. Mohamed Farid, FRA Chairman delivered a keynote speech at the fourth edition of Caisec25. This prominent event, a key forum for electronic security innovations in the Middle East and Africa, provided a platform for Dr. Farid to detail FRA’s ongoing commitment to foster a secure and stable environment that bolsters the non-bank financial sector’s contribution to the national economy. These efforts are central to FRA’s continuous drive to implement policies and measures that safeguard customer data and ensure market stability.

The two-day conference’s main sessions featured a distinguished lineup of government officials, including Dr. Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health; Dr. Amr Talaat, Minister of Communications and Information Technology; Ahmed Kouchouk, Minister of Finance. In addition to  Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Mohamed Abdel Latif, Minister of Education and Technical Education and Dr. Sherif Farouk, Minister of Supply and Internal Trade.

In his address, FRA Chairman underscored the Authority’s unwavering focus on cybersecurity as the regulator of the non-bank financial sector which encompasses the capital market, insurance and other non-bank financing activities. He emphasized that developing robust policies and systems to protect customer data is paramount for market stability, a fundamental responsibility of any financial sector regulator.  He stressed that FRA is actively working to establish a secure data environment and stable markets for non-bank financial institutions, thereby fortifying the sector’s economic role.

Dr. Farid further articulated that FRA’s regulatory framework explicitly acknowledges cyberattacks and database breaches as the new battlefield. He therefore stressed the critical need for heightened cybersecurity measures. Egypt’s accelerating digital transformation across every sector amplifies this urgency, offering new opportunities, but concurrently fostering an increasing number of cybersecurity threats.

He explained that this situation demands prompt action to develop policies and operating systems that strengthen FinTech governance. This ensures non-bank financial institutions can effectively use these technologies, ultimately boosting market stability.

FRA Chairman also spoke about the rapid and revolutionary pace of artificial intelligence (AI) development. He stressed the vital need to strengthen the recovery capabilities of institutions and markets, recognizing that technological progress inherently introduces new risks. Therefore, a heightened state of preparedness is crucial to cultivate a flexible non-bank financial sector that can both harness technological advancements and manage associated risks with greater efficiency and effectiveness.

Dr. Farid underscored that technological progress must be accompanied by enhanced human capital efficiency to achieve ambitious goals and narrow existing knowledge gaps. He highlighted the indispensable role of human capital in business models. Accordingly, specialists in electronic security and cybersecurity innovation should prioritize the provision of comprehensive, varied and sustained training programs for human resources.

FRA Chairman affirmed that such training has become indispensable, largely due to the recent accelerated digitization of non-bank financial transactions. This surge was directly spurred by FRA’s issuance of various decrees implementing Law No. 5 of 2022, which provides the essential regulatory and legislative framework for integrating and fostering technology use in non-bank financial activities and services.

FRA has proactively established a robust FinTech framework. This began with Decree No. 139 of 2023, outlining the essential technological infrastructure, information systems and security measures for integrating FinTech into non-banking financial activities. Following this, Decree No. 140 of 2023 addresses critical areas such as digital identity, digital contracts, and digital registries, alongside compliance requirements. Significantly, it marks the first comprehensive regulatory decree from financial sector regulators to detail the electronic Know Your Customer (e-KYC) process for digital onboarding.

Further solidifying this comprehensive framework, Decree No. 141 of 2023 established an outsourcing registry specifically for FinTech within non-bank financial activities. This registry lists authorized companies that provide vital electronic services, including customer identification and contract recording to financial firms operating in this specialized domain.

These initiatives have already shown substantial progress: sixteen institutions and entities have successfully obtained diverse FinTech licenses from the Authority, actively spearheading digital transformation. Furthermore, around 110 institutions and entities adhere to the Authority’s cybersecurity requirements. Despite these achievements, FRA’s regulatory journey continues, as it regulates more than 3,500 companies and institutions across various financial activities and markets.

Dr. Farid further highlighted that four companies currently offer outsourcing services, with significant potential for this number to increase substantially. These registered firms play a crucial role in the digital landscape, handling electronic identification, verification, and authentication, facilitating electronic customer identification, enabling the digital execution of non-bank financial product contracts, and managing electronic registration, storage and retrieval from digital registries.

FRA Chairman Joins Economic Affairs Committee to Discuss Draft Law Regulating State-Owned Companies – Monday 26 May 2025

• Key government officials, such as the Ministers of Finance, Planning, Investment, Foreign Trade, and Parliamentary Affairs, along with representatives from the Central Bank and other relevant authorities, attended this high-level meeting.
• The draft law aims to provide a clear framework for state ownership in companies, whether wholly or partially owned by the government.

 

Dr. Farid- FRA Chairman:

• We believe that expanding the investor base of state-owned companies through stock market listings is a vital tool for improving their transparency and governance once publicly traded.

 

Dr. Mohamed Farid, FRA Chairman recently attended a key meeting with the House of Representatives’ Economic Affairs Committee. The session also drew the presence of several prominent government officials: Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation; Counselor Mahmoud Fawzy, Minister of Parliamentary and Legal Affairs and Political Communication; Ahmed Kouchouk; and Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade.

The meeting’s primary focus was to deliberate on the government’s proposed draft law. This legislation aims to regulate specific provisions concerning state ownership in companies, Including both wholly owned and partially owned companies by the state.

Dr. Farid highlighted that the joint attendance of four government ministers and FRA Chairman at the discussion underscored significant ministerial coordination on the state ownership policy document. He emphasized that expanding the ownership base of state-owned companies through the stock market is a critical mechanism for achieving the document’s core objectives. These objectives include boosting the private sector’s involvement in economic activity and significantly enhancing transparency and governance standards in the management of both fully and partially state-owned companies.

During the meeting, which involved extensive discussions among the Economic Committee members and representatives from other committees, Dr. Farid highlighted the stock market’s significant revival and activity. This surge, he noted, followed major government IPOs in the early 1990s and from 2004 onwards, referencing successful offerings like those for Telecom Egypt, Amoc, and Sidi Kerir. He explained that these listings garnered substantial investor interest due to confidence in publicly offered state-owned companies, which in turn incentivized the private sector to pursue similar listings.

He further emphasized that expanding the ownership base of state-owned companies through disciplined processes would attract new investors, boosting liquidity, trading volumes and market capitalization. This strategy would also draw in foreign investments, thereby increasing the stock market’s depth and competitiveness, and ultimately improving Egypt’s standing in global indices. These positive outcomes would be complemented by enhanced financial, operational and profitability indicators as well as improved governance within these companies post-listing.

FRA Chairman Delivers Opening Speech at the Inaugural Egypt Arbitration Day (EGYAD) – Sunday 25/5/2025

Dr. Mohamed Farid – FRA Chairman:

• Egypt Arbitration Day (EGYAD)’s launch highlights the government’s firm commitment to resolve business disputes quickly, fairly and accurately
• There is a suggestion to amend the ECAS bylaws, allowing expedited and electronic arbitration to quicken the pace of dispute settlement.
• Expedited and voluntary arbitration are crucial for boosting confidence in Egypt’s non-bank financial markets.
• The establishment of the Egyptian Center for Arbitration showcases Egypt’s efforts to achieve legislative and legal stability and secure the rights of parties engaged in financial transaction.

Adnan Al-Fangary –  Minister of Justice:

• Egypt prioritizes building a stable legal environment that rigorously protects commercial rights and attracts new investments.

Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS:

• Egypt is ready to become a regional hub for arbitration and dispute resolution in the financial sector, leveraging its extensive expertise in the field.
• The launch of the inaugural Egypt Arbitration Day (EGYAD) marks an ambitious step toward enhancing voluntary arbitration and increasing awareness, thereby ensuring both swift and equitable justice.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at the inaugural Egypt Arbitration Day (EGYAD). This significant event organized by the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes (ECAS), under the theme “Where the Business Meets Solutions”.

The high-profile participation at the event clearly demonstrated its considerable importance to both the legal and financial communities. Prominent figures included Counselor Adnan Al-Fangary – Minister of Justice and Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU). Other notable attendees were Counselor Abdel-Razak Mahmoud Shoaib, President of the State Lawsuits Authority; Counselor Abel Rady Ahmed Sediq , Head of the Administrative Prosecution Authority; and Yasser Sobhi – Deputy Minister of Finance for Fiscal Policies and Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS. The event also drew key leaders from Financial Regulatory Authority, Ministry of Justice, Egyptian Exchange various federations and companies operating in non-banking financial activities and numerous legal consulting offices.

In his speech, Dr. Mohamed Farid emphasized the critical and central role of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes (ECAS). He stressed the Center’s profound importance in actively promoting and disseminating the culture of arbitration. Furthermore, he highlighted its vital contribution to increase reliance on arbitral mediation processes as an effective mechanism for resolving non-bank financial disputes. Dr. Farid attributed the Center’s effectiveness to its comprehensive range of services and notably, to its impressive and diverse specialized arbitrators. These arbitrators, he underscored, possess extensive experience and demonstrable competence, making them exceptionally well equipped to efficiently and fairly resolve complex financial disputes within the non-banking sector.

Dr. Farid announced plans to propose amendments to ECAS’s bylaws. These proposed changes, which will be submitted to the Prime Minister soon, aim to formally allow for both expedited arbitration and electronic arbitration (e-arbitration). The overarching objective is to significantly speed up arbitration proceedings and enable the digital and secure resolution of disputes.

FRA Chairman underscored that voluntary mediation and rapid dispute resolution are crucial for fostering confidence in non-bank financial markets. He emphasized that quickly resolving financial disputes within this sector is fundamental to ensure market stability and sustainability.

He further stated that ECAS was formed under Presidential Decree No. 335 of 2019, specifically to implement Article 10 of Law No. 10 of 2009, which regulates non-bank financial markets and instruments. It stands as a leading institution for arbitration and non-bank financial dispute resolution throughout Egypt and the wider Middle East. Its reputation stems from providing confidential, swift and expert-led settlement services. Crucially, the Center reflects the Egyptian state’s strong dedication to legislative and legal stability, ensuring the protection of rights for all parties involved in various financial transactions.

Dr. Farid also highlighted the recent positive trends in non-bank financial services performance. This includes a notable increase in financing provided through these services and a growing number of beneficiaries. He pointed to the Authority’s strategic measures to develop and expand non-bank financial markets, citing the amendment of the financial derivatives market and the launch of the first Voluntary Carbon Market. He stressed that these advancements necessitate a robust voluntary arbitration mechanism to effectively resolve any disputes that may arise from these activities. The ultimate goal is to provide credible and swift justice to all stakeholders, thereby enhancing trust in non-bank financial markets and reinforcing their overall stability.

He also affirmed that an efficient, swift, confidential and specialized voluntary arbitration process for dispute resolution sends positive signals about the investment and business climate. Dr. Farid emphasized that this directly supports inclusive and lasting economic growth, acknowledging the crucial link between prompt dispute resolution and definitive outcomes.

Counselor Adnan Al-Fangary, Minister of Justice expressed his pleasure in participating in the inaugural Egypt Arbitration Day (EGYAD). He stated that the event demonstrates Egypt’s unwavering commitment to build and foster a stable, stimulating and investment-attractive legal environment. This environment, he added, accounts for all market developments, necessitating a justice system that keeps pace with this rapid rhythm and the evolving nature of such disputes and disagreements.

During her speech, Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS, emphasized the importance of organizing the inaugural Egypt Arbitration Day (EGYAD) by the Center. She stated that this initiative aligns with the Center’s strategy to raise awareness and financial literacy regarding alternative dispute resolution methods, with the aim of advancing dispute settlement through consensual means.

Dr. Kaldas stated that Egypt is uniquely positioned, leveraging its distinctive expertise, to become a regional leader in financial sector arbitration and dispute resolution, covering both bank and non-bank areas.

She further emphasized the importance of broadening legal awareness regarding amicable dispute resolution methods across all segments of society. This involves empowering individuals by enhancing their skills and understanding of internationally applicable laws. Dr. Kaldas concluded that the successful inaugural Egypt Arbitration Day (EGYAD) represents a promising step toward bolstering the principle of voluntary arbitration, thereby ensuring both swift and equitable justice.

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مؤتمرات و ندوات

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Press Releases

FRA Chairman Delivered a Keynote Speech  at CAISEC’25 Cybersecurity Conference – Monday 26 May 2025

• The conference featured a notable governmental presence, bringing together ministers from key sectors such as Health, Finance, Communications, Higher Education, Supply and Education.

Dr. Mohamed Farid – FRA Chairman :

• Cyberattacks and data breaches represent the new battlefield, necessitating preparation as a fundamental requirement for achieving financial stability.
• We prioritize cybersecurity by developing robust policies and systems to safeguard customer data, crucial for market stability.
• Our goal is to foster a work environment that ensures data security and market stability for all operating entities, thereby strengthening the sector’s contribution to the national economy.
• While Egypt’s rapid digital transformation brings new opportunities, it also escalates cybersecurity challenges and threats.
• Technological advancements must be matched by enhancing human expertise to effectively close the information gap.
• Sixteen companies have already secured FinTech licenses from the Authority, spearheading digital transformation within the non-bank financial sector.
• The Authority currently has four registered outsourcing service providers, with more companies anticipated to enter this market in the near future.

Dr. Mohamed Farid, FRA Chairman delivered a keynote speech at the fourth edition of Caisec25. This prominent event, a key forum for electronic security innovations in the Middle East and Africa, provided a platform for Dr. Farid to detail FRA’s ongoing commitment to foster a secure and stable environment that bolsters the non-bank financial sector’s contribution to the national economy. These efforts are central to FRA’s continuous drive to implement policies and measures that safeguard customer data and ensure market stability.

The two-day conference’s main sessions featured a distinguished lineup of government officials, including Dr. Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health; Dr. Amr Talaat, Minister of Communications and Information Technology; Ahmed Kouchouk, Minister of Finance. In addition to  Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Mohamed Abdel Latif, Minister of Education and Technical Education and Dr. Sherif Farouk, Minister of Supply and Internal Trade.

In his address, FRA Chairman underscored the Authority’s unwavering focus on cybersecurity as the regulator of the non-bank financial sector which encompasses the capital market, insurance and other non-bank financing activities. He emphasized that developing robust policies and systems to protect customer data is paramount for market stability, a fundamental responsibility of any financial sector regulator.  He stressed that FRA is actively working to establish a secure data environment and stable markets for non-bank financial institutions, thereby fortifying the sector’s economic role.

Dr. Farid further articulated that FRA’s regulatory framework explicitly acknowledges cyberattacks and database breaches as the new battlefield. He therefore stressed the critical need for heightened cybersecurity measures. Egypt’s accelerating digital transformation across every sector amplifies this urgency, offering new opportunities, but concurrently fostering an increasing number of cybersecurity threats.

He explained that this situation demands prompt action to develop policies and operating systems that strengthen FinTech governance. This ensures non-bank financial institutions can effectively use these technologies, ultimately boosting market stability.

FRA Chairman also spoke about the rapid and revolutionary pace of artificial intelligence (AI) development. He stressed the vital need to strengthen the recovery capabilities of institutions and markets, recognizing that technological progress inherently introduces new risks. Therefore, a heightened state of preparedness is crucial to cultivate a flexible non-bank financial sector that can both harness technological advancements and manage associated risks with greater efficiency and effectiveness.

Dr. Farid underscored that technological progress must be accompanied by enhanced human capital efficiency to achieve ambitious goals and narrow existing knowledge gaps. He highlighted the indispensable role of human capital in business models. Accordingly, specialists in electronic security and cybersecurity innovation should prioritize the provision of comprehensive, varied and sustained training programs for human resources.

FRA Chairman affirmed that such training has become indispensable, largely due to the recent accelerated digitization of non-bank financial transactions. This surge was directly spurred by FRA’s issuance of various decrees implementing Law No. 5 of 2022, which provides the essential regulatory and legislative framework for integrating and fostering technology use in non-bank financial activities and services.

FRA has proactively established a robust FinTech framework. This began with Decree No. 139 of 2023, outlining the essential technological infrastructure, information systems and security measures for integrating FinTech into non-banking financial activities. Following this, Decree No. 140 of 2023 addresses critical areas such as digital identity, digital contracts, and digital registries, alongside compliance requirements. Significantly, it marks the first comprehensive regulatory decree from financial sector regulators to detail the electronic Know Your Customer (e-KYC) process for digital onboarding.

Further solidifying this comprehensive framework, Decree No. 141 of 2023 established an outsourcing registry specifically for FinTech within non-bank financial activities. This registry lists authorized companies that provide vital electronic services, including customer identification and contract recording to financial firms operating in this specialized domain.

These initiatives have already shown substantial progress: sixteen institutions and entities have successfully obtained diverse FinTech licenses from the Authority, actively spearheading digital transformation. Furthermore, around 110 institutions and entities adhere to the Authority’s cybersecurity requirements. Despite these achievements, FRA’s regulatory journey continues, as it regulates more than 3,500 companies and institutions across various financial activities and markets.

Dr. Farid further highlighted that four companies currently offer outsourcing services, with significant potential for this number to increase substantially. These registered firms play a crucial role in the digital landscape, handling electronic identification, verification, and authentication, facilitating electronic customer identification, enabling the digital execution of non-bank financial product contracts, and managing electronic registration, storage and retrieval from digital registries.

FRA Chairman Joins Economic Affairs Committee to Discuss Draft Law Regulating State-Owned Companies – Monday 26 May 2025

• Key government officials, such as the Ministers of Finance, Planning, Investment, Foreign Trade, and Parliamentary Affairs, along with representatives from the Central Bank and other relevant authorities, attended this high-level meeting.
• The draft law aims to provide a clear framework for state ownership in companies, whether wholly or partially owned by the government.

 

Dr. Farid- FRA Chairman:

• We believe that expanding the investor base of state-owned companies through stock market listings is a vital tool for improving their transparency and governance once publicly traded.

 

Dr. Mohamed Farid, FRA Chairman recently attended a key meeting with the House of Representatives’ Economic Affairs Committee. The session also drew the presence of several prominent government officials: Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation; Counselor Mahmoud Fawzy, Minister of Parliamentary and Legal Affairs and Political Communication; Ahmed Kouchouk; and Engineer Hassan El-Khatib, Minister of Investment and Foreign Trade.

The meeting’s primary focus was to deliberate on the government’s proposed draft law. This legislation aims to regulate specific provisions concerning state ownership in companies, Including both wholly owned and partially owned companies by the state.

Dr. Farid highlighted that the joint attendance of four government ministers and FRA Chairman at the discussion underscored significant ministerial coordination on the state ownership policy document. He emphasized that expanding the ownership base of state-owned companies through the stock market is a critical mechanism for achieving the document’s core objectives. These objectives include boosting the private sector’s involvement in economic activity and significantly enhancing transparency and governance standards in the management of both fully and partially state-owned companies.

During the meeting, which involved extensive discussions among the Economic Committee members and representatives from other committees, Dr. Farid highlighted the stock market’s significant revival and activity. This surge, he noted, followed major government IPOs in the early 1990s and from 2004 onwards, referencing successful offerings like those for Telecom Egypt, Amoc, and Sidi Kerir. He explained that these listings garnered substantial investor interest due to confidence in publicly offered state-owned companies, which in turn incentivized the private sector to pursue similar listings.

He further emphasized that expanding the ownership base of state-owned companies through disciplined processes would attract new investors, boosting liquidity, trading volumes and market capitalization. This strategy would also draw in foreign investments, thereby increasing the stock market’s depth and competitiveness, and ultimately improving Egypt’s standing in global indices. These positive outcomes would be complemented by enhanced financial, operational and profitability indicators as well as improved governance within these companies post-listing.

FRA Chairman Delivers Opening Speech at the Inaugural Egypt Arbitration Day (EGYAD) – Sunday 25/5/2025

Dr. Mohamed Farid – FRA Chairman:

• Egypt Arbitration Day (EGYAD)’s launch highlights the government’s firm commitment to resolve business disputes quickly, fairly and accurately
• There is a suggestion to amend the ECAS bylaws, allowing expedited and electronic arbitration to quicken the pace of dispute settlement.
• Expedited and voluntary arbitration are crucial for boosting confidence in Egypt’s non-bank financial markets.
• The establishment of the Egyptian Center for Arbitration showcases Egypt’s efforts to achieve legislative and legal stability and secure the rights of parties engaged in financial transaction.

Adnan Al-Fangary –  Minister of Justice:

• Egypt prioritizes building a stable legal environment that rigorously protects commercial rights and attracts new investments.

Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS:

• Egypt is ready to become a regional hub for arbitration and dispute resolution in the financial sector, leveraging its extensive expertise in the field.
• The launch of the inaugural Egypt Arbitration Day (EGYAD) marks an ambitious step toward enhancing voluntary arbitration and increasing awareness, thereby ensuring both swift and equitable justice.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at the inaugural Egypt Arbitration Day (EGYAD). This significant event organized by the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes (ECAS), under the theme “Where the Business Meets Solutions”.

The high-profile participation at the event clearly demonstrated its considerable importance to both the legal and financial communities. Prominent figures included Counselor Adnan Al-Fangary – Minister of Justice and Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU). Other notable attendees were Counselor Abdel-Razak Mahmoud Shoaib, President of the State Lawsuits Authority; Counselor Abel Rady Ahmed Sediq , Head of the Administrative Prosecution Authority; and Yasser Sobhi – Deputy Minister of Finance for Fiscal Policies and Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS. The event also drew key leaders from Financial Regulatory Authority, Ministry of Justice, Egyptian Exchange various federations and companies operating in non-banking financial activities and numerous legal consulting offices.

In his speech, Dr. Mohamed Farid emphasized the critical and central role of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes (ECAS). He stressed the Center’s profound importance in actively promoting and disseminating the culture of arbitration. Furthermore, he highlighted its vital contribution to increase reliance on arbitral mediation processes as an effective mechanism for resolving non-bank financial disputes. Dr. Farid attributed the Center’s effectiveness to its comprehensive range of services and notably, to its impressive and diverse specialized arbitrators. These arbitrators, he underscored, possess extensive experience and demonstrable competence, making them exceptionally well equipped to efficiently and fairly resolve complex financial disputes within the non-banking sector.

Dr. Farid announced plans to propose amendments to ECAS’s bylaws. These proposed changes, which will be submitted to the Prime Minister soon, aim to formally allow for both expedited arbitration and electronic arbitration (e-arbitration). The overarching objective is to significantly speed up arbitration proceedings and enable the digital and secure resolution of disputes.

FRA Chairman underscored that voluntary mediation and rapid dispute resolution are crucial for fostering confidence in non-bank financial markets. He emphasized that quickly resolving financial disputes within this sector is fundamental to ensure market stability and sustainability.

He further stated that ECAS was formed under Presidential Decree No. 335 of 2019, specifically to implement Article 10 of Law No. 10 of 2009, which regulates non-bank financial markets and instruments. It stands as a leading institution for arbitration and non-bank financial dispute resolution throughout Egypt and the wider Middle East. Its reputation stems from providing confidential, swift and expert-led settlement services. Crucially, the Center reflects the Egyptian state’s strong dedication to legislative and legal stability, ensuring the protection of rights for all parties involved in various financial transactions.

Dr. Farid also highlighted the recent positive trends in non-bank financial services performance. This includes a notable increase in financing provided through these services and a growing number of beneficiaries. He pointed to the Authority’s strategic measures to develop and expand non-bank financial markets, citing the amendment of the financial derivatives market and the launch of the first Voluntary Carbon Market. He stressed that these advancements necessitate a robust voluntary arbitration mechanism to effectively resolve any disputes that may arise from these activities. The ultimate goal is to provide credible and swift justice to all stakeholders, thereby enhancing trust in non-bank financial markets and reinforcing their overall stability.

He also affirmed that an efficient, swift, confidential and specialized voluntary arbitration process for dispute resolution sends positive signals about the investment and business climate. Dr. Farid emphasized that this directly supports inclusive and lasting economic growth, acknowledging the crucial link between prompt dispute resolution and definitive outcomes.

Counselor Adnan Al-Fangary, Minister of Justice expressed his pleasure in participating in the inaugural Egypt Arbitration Day (EGYAD). He stated that the event demonstrates Egypt’s unwavering commitment to build and foster a stable, stimulating and investment-attractive legal environment. This environment, he added, accounts for all market developments, necessitating a justice system that keeps pace with this rapid rhythm and the evolving nature of such disputes and disagreements.

During her speech, Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS, emphasized the importance of organizing the inaugural Egypt Arbitration Day (EGYAD) by the Center. She stated that this initiative aligns with the Center’s strategy to raise awareness and financial literacy regarding alternative dispute resolution methods, with the aim of advancing dispute settlement through consensual means.

Dr. Kaldas stated that Egypt is uniquely positioned, leveraging its distinctive expertise, to become a regional leader in financial sector arbitration and dispute resolution, covering both bank and non-bank areas.

She further emphasized the importance of broadening legal awareness regarding amicable dispute resolution methods across all segments of society. This involves empowering individuals by enhancing their skills and understanding of internationally applicable laws. Dr. Kaldas concluded that the successful inaugural Egypt Arbitration Day (EGYAD) represents a promising step toward bolstering the principle of voluntary arbitration, thereby ensuring both swift and equitable justice.

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FRA in the News

القرية الذكية- 10 نوفمبر 2020 : د. عمران بصفته رئيساً لمجلس إدارة معهد الخدمات المالية يوقع اتفاقاً مع معهد دراسات البورصة IEB الإسباني لمنح درجة الماجستير في الأسواق المالية بحضور السفير الإسباني بالقاهرة ،وسفيرنا في مدريد عبر تقنية الفيديو كونفرس

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FRA Chairman Delivered a Keynote Speech  at CAISEC’25 Cybersecurity Conference – Monday 26 May 2025

• The conference featured a notable governmental presence, bringing together ministers from key sectors such as Health, Finance, Communications, Higher Education, Supply and Education.

Dr. Mohamed Farid – FRA Chairman :

• Cyberattacks and data breaches represent the new battlefield, necessitating preparation as a fundamental requirement for achieving financial stability.
• We prioritize cybersecurity by developing robust policies and systems to safeguard customer data, crucial for market stability.
• Our goal is to foster a work environment that ensures data security and market stability for all operating entities, thereby strengthening the sector’s contribution to the national economy.
• While Egypt’s rapid digital transformation brings new opportunities, it also escalates cybersecurity challenges and threats.
• Technological advancements must be matched by enhancing human expertise to effectively close the information gap.
• Sixteen companies have already secured FinTech licenses from the Authority, spearheading digital transformation within the non-bank financial sector.
• The Authority currently has four registered outsourcing service providers, with more companies anticipated to enter this market in the near future.

Dr. Mohamed Farid, FRA Chairman delivered a keynote speech at the fourth edition of Caisec25. This prominent event, a key forum for electronic security innovations in the Middle East and Africa, provided a platform for Dr. Farid to detail FRA’s ongoing commitment to foster a secure and stable environment that bolsters the non-bank financial sector’s contribution to the national economy. These efforts are central to FRA’s continuous drive to implement policies and measures that safeguard customer data and ensure market stability.

The two-day conference’s main sessions featured a distinguished lineup of government officials, including Dr. Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health; Dr. Amr Talaat, Minister of Communications and Information Technology; Ahmed Kouchouk, Minister of Finance. In addition to  Dr. Ayman Ashour, Minister of Higher Education and Scientific Research; Mohamed Abdel Latif, Minister of Education and Technical Education and Dr. Sherif Farouk, Minister of Supply and Internal Trade.

In his address, FRA Chairman underscored the Authority’s unwavering focus on cybersecurity as the regulator of the non-bank financial sector which encompasses the capital market, insurance and other non-bank financing activities. He emphasized that developing robust policies and systems to protect customer data is paramount for market stability, a fundamental responsibility of any financial sector regulator.  He stressed that FRA is actively working to establish a secure data environment and stable markets for non-bank financial institutions, thereby fortifying the sector’s economic role.

Dr. Farid further articulated that FRA’s regulatory framework explicitly acknowledges cyberattacks and database breaches as the new battlefield. He therefore stressed the critical need for heightened cybersecurity measures. Egypt’s accelerating digital transformation across every sector amplifies this urgency, offering new opportunities, but concurrently fostering an increasing number of cybersecurity threats.

He explained that this situation demands prompt action to develop policies and operating systems that strengthen FinTech governance. This ensures non-bank financial institutions can effectively use these technologies, ultimately boosting market stability.

FRA Chairman also spoke about the rapid and revolutionary pace of artificial intelligence (AI) development. He stressed the vital need to strengthen the recovery capabilities of institutions and markets, recognizing that technological progress inherently introduces new risks. Therefore, a heightened state of preparedness is crucial to cultivate a flexible non-bank financial sector that can both harness technological advancements and manage associated risks with greater efficiency and effectiveness.

Dr. Farid underscored that technological progress must be accompanied by enhanced human capital efficiency to achieve ambitious goals and narrow existing knowledge gaps. He highlighted the indispensable role of human capital in business models. Accordingly, specialists in electronic security and cybersecurity innovation should prioritize the provision of comprehensive, varied and sustained training programs for human resources.

FRA Chairman affirmed that such training has become indispensable, largely due to the recent accelerated digitization of non-bank financial transactions. This surge was directly spurred by FRA’s issuance of various decrees implementing Law No. 5 of 2022, which provides the essential regulatory and legislative framework for integrating and fostering technology use in non-bank financial activities and services.

FRA has proactively established a robust FinTech framework. This began with Decree No. 139 of 2023, outlining the essential technological infrastructure, information systems and security measures for integrating FinTech into non-banking financial activities. Following this, Decree No. 140 of 2023 addresses critical areas such as digital identity, digital contracts, and digital registries, alongside compliance requirements. Significantly, it marks the first comprehensive regulatory decree from financial sector regulators to detail the electronic Know Your Customer (e-KYC) process for digital onboarding.

Further solidifying this comprehensive framework, Decree No. 141 of 2023 established an outsourcing registry specifically for FinTech within non-bank financial activities. This registry lists authorized companies that provide vital electronic services, including customer identification and contract recording to financial firms operating in this specialized domain.

These initiatives have already shown substantial progress: sixteen institutions and entities have successfully obtained diverse FinTech licenses from the Authority, actively spearheading digital transformation. Furthermore, around 110 institutions and entities adhere to the Authority’s cybersecurity requirements. Despite these achievements, FRA’s regulatory journey continues, as it regulates more than 3,500 companies and institutions across various financial activities and markets.

Dr. Farid further highlighted that four companies currently offer outsourcing services, with significant potential for this number to increase substantially. These registered firms play a crucial role in the digital landscape, handling electronic identification, verification, and authentication, facilitating electronic customer identification, enabling the digital execution of non-bank financial product contracts, and managing electronic registration, storage and retrieval from digital registries.