الهيئة العامة للرقابة المالية

FRA Grants Initial Approval for Two New Insurance Projects to Join Fintech Sandbox – Tuesday 28 July 2026

Dr. Islam Azzam – FRA Chairman:

• Innovative solutions diversify insurance products and enhance customer experience.
• The number of projects granted initial approval for the Sandbox rises to seven in its first year.

Financial Regulatory Authority (FRA), through its Fintech Committee, has granted initial approval for two new projects to join its regulatory sandbox. The initiatives will test the application of artificial intelligence (AI) in developing insurance services, aligned with FRA’s ongoing efforts to foster innovation and support fintech solutions across non-banking financial activities prior to commercial launch.

The initial approval includes a project submitted by EG InsurTech (for electronic applications, systems and software services), in collaboration with Assurex Insurance Brokerage, to test “Ameen” AI Assistant for Insurance Platforms.

Additionally, the Authority granted in-principle approval to Allianz Insurance – Egypt, in partnership with Olemy, to test an “AI Voice Agent & Chatbot Platform.”

Dr. Islam Azzam, FRA Chairman reaffirmed the Authority’s commitment to provide institutional and technical support for innovative technological solutions that advance the non-banking financial sector. He highlighted FRA’s pivotal role in cultivating a flexible regulatory framework that keeps pace with global advancements in fintech and AI, while safeguarding market integrity, stability and consumer rights.

FRA Chairman emphasized the importance of backing projects that aim to enhance interaction between financial firms and their clients through digital platforms. He noted that leveraging AI tools enables better analysis of customer trends, preferences, grievances and product demand—generating key indicators to elevate service efficiency and help clients select insurance coverage tailored to their needs.

Eng. Ahmed Khalifa, Executive Director of FRA Sandbox, stated that approving these two new projects brings the total number of provisionally accepted initiatives to seven within the sandbox’s debut year. He emphasized that this milestone underscores the Authority’s dedication to nurture technological innovation and provide a secure testing environment for new financial solutions, thereby accelerating digital transformation and bolstering financial inclusion. He added that the insurance sector remains the most represented segment among sandbox applicants, reflecting its drive to optimize business management and product efficiency.

Prior to these two projects, five other initiatives received provisional approval: namely, GIG and Orient (in collaboration with EG InsurTech) in the insurance domain; Cassbana in digital brokerage for microfinance;

Lumin Soft, in partnership with Azimut, for foreign identity verification via e-passports.

FRA Sandbox provided regulatory guidance to approximately 40 companies, reviewing their concepts and offering tailored mentorship on regulatory compliance and admission criteria within the non-banking financial framework. Furthermore, the Sandbox hosted a series of workshops and seminars focused on strengthening cybersecurity awareness and promoting the digitization of financial solutions.

FRA Denies Rumors Concerning Branch Closures Across Non-Banking Financial Entities – Monday 27 July 2026

Financial Regulatory Authority (FRA) chaired by Dr. Islam Azzam has detected several social media pages and accounts spreading false and misleading news. These accounts have attributed fabricated decisions regarding the non-banking financial sector to the Authority, constituting a grave manipulation of public awareness and posing a threat to the interests of clients and operating entities within the sector.

The Authority categorically denies circulating reports claiming that a decision was issued to close branches or suspend operations for non-banking financial companies, associations and institutions.

Furthermore, the Authority warns that publishing and spreading such rumors exposes those responsible to legal liability.

FRA Launches IPO Readiness Program for State-Owned Enterprises – Sunday 26 July 2026

• The program features seven core training modules covering the 20 temporarily listed companies on the Egyptian Exchange (EGX), alongside the remaining state-owned enterprises targeted for upcoming offerings.
• It delivers a complete simulation journey and practical technical training led by FRA’s dual training arms—the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD).

Dr. Islam Azzam, FRA Chairman:

• Marks the first national initiative dedicated to preparing state-owned enterprises for the government’s IPO strategy through targeted training and qualification.
• Focuses on building executive and technical capabilities to fast-track full compliance with listing and offering requirements.

Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, launches today, Sunday, its training program to build the readiness of state-owned enterprises temporarily listed on the Egyptian Exchange (EGX). Delivered through the FRA’s training arms—the Financial Services Institute (FSI) and the Egyptian Institute of Directors (EIoD)—the program stands as the first national initiative dedicated to supporting the government’s IPO strategy through training and qualification.

The launch featured an inaugural session attended by Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade; Dr. Hashem El-Sayed, Assistant Prime Minister and CEO of the State-Owned Enterprises Unit; Mr. Omar Radwan, Chairman of the Egyptian Exchange; along with leaders from FRA, EGX and executives from participating state-owned companies. Following the opening, the first module commenced across the FSI and EIoD facilities.

The training program is built around seven core pillars, including: Overview of the capital market legislative and regulatory framework, temporary and final listing mechanisms, financial and accounting readiness, corporate governance and sustainability requirements,

disclosures and offering prospectuses, execution mechanisms for public offerings, post-listing obligations.

Experts from FRA, EGX, and FRA-licensed IPO advisors deliver the sessions.

The program targets board chairs, board members, chief executive officers, chief financial officers, head accountants, disclosure and investor relations officers, governance and internal audit managers and executive leaders managing listing and offering portfolios.

Additionally, the program aims to elevate professional competencies across participating companies, foster financial literacy, complete technical and financial offering frameworks and cultivate a specialized national talent pool in public offerings.

By combining theoretical instruction with practical simulation, the program enables targeted companies to meet EGX listing requirements and apply corporate governance and disclosure best practices seamlessly.

Dr. Islam Azzam, FRA Chairman stated: “This readiness program reflects FRA’s integrated role spanning regulation, oversight, and awareness to build more efficient markets—particularly the capital market. The government’s IPO program will deepen, expand and enhance market attractiveness by listing top-tier state companies across diverse productive sectors, offering broader investment options.”

He commended the ongoing coordination with the State-Owned Enterprises Unit led by Dr. Hashem El-Sayed, emphasizing joint efforts to transfer global best practices, expedite regulatory compliance and ensure sustained post-listing adherence.

Dr. Islam Azzam added that while the program opens with the 20 companies currently temporarily listed by the Unit, it will expand to cover all remaining state companies slated for offerings across petroleum, mining, pharmaceuticals, tourism, construction, education, and manufacturing sectors.

The initial seven-day intensive course launched today hosts executive, financial, and managerial leaders from 14 temporarily listed companies. Subsequent cohorts will roll out progressively to cover all remaining targeted personnel.