Press Releases
FRA Chairman Directs Railway Accident Insurance Pool to Swiftly Respond to El-Ayyat Train Collision – Sunday 8 November 2026
Dr. Islam Azzam, FRA Chairman is actively monitoring the aftermath of the two-train collision in El-Ayyat – Giza Governorate, expressing his deep condolences to the families of the victims and wishing a speedy recovery to those injured.
In response to the incident, Dr. Islam Azzam directed the Railway and Metro Accident Insurance Pool to immediately initiate the necessary procedures to payout compensation to the families of the victims.
Under extraordinary measures, the compensation payout for fatalities and total permanent disability has been raised from EGP 30,000 to EGP 50,000. Other injury claims will be processed in accordance with applicable legal regulations and required medical reports.
FRA Chairman called for immediate communication with the victims’ families and swift disbursement of funds upon receipt of the necessary paperwork, reaffirming that the Authority will closely follow further updates.
Cairo ICT 2026: FRA Chairman Highlights Digital Transformation in Non-Banking Finance – Saturday 7 November 2026
FRA Chairman:
- Recent regulations enable non-banking financial institutions to safely deliver services digitally.
- Significant growth in e-KYC and digital contracts across capital markets, insurance and non-banking finance.
- 7M+ e-KYC verifications and 862K+ digital contracts registered to date.
- FRA Sandbox provides a secure testing ground for new FinTech solutions; 2 projects have advanced to active market testing.
- Advancing research on AI for predictive market analytics and early risk detection.
Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, participated in the 30th edition of Cairo International Technology Exhibition and Conference (Cairo ICT 2026). The event kicked off under the theme “AI in Action,” with Prime Minister Dr. Moustafa Madbouly in attendance at Egypt International Exhibition Center (EIEC).
During the exhibition, Prime Minister Madbouly visited FRA pavilion, where Dr. Islam Azzam presented the Authority’s latest efforts to drive safe digital transformation across non-banking financial activities. He emphasized that FRA stands at the forefront of establishing a comprehensive legislative framework, anchored by Law No. 5 of 2022 on Regulating the Use of FinTech in Non-Banking Financial Activities.
FRA Chairman highlighted the series of regulatory decisions that paved the way for a complete framework governing FinTech adoption in non-banking financial activities. Key measures include guidelines for electronic Know-Your-Customer (e-KYC) processes, digital contract execution and archiving, digital register management, and strict standards for digital identity, governance, risk management, data privacy, and cybersecurity. These mandates actively incentivize the integration of FinTech across capital markets, investment funds, insurance, and non-banking financing sectors.
Dr. Islam Azzam explained that these regulations establish an integrated ecosystem enabling companies to deliver financial services digitally, securely, and reliably. Regulated institutions are required to upgrade their technological infrastructure to guarantee data protection and manage tech risks. Additionally, companies must create comprehensive systems for verification, digital identity, smart contracts and outsourcing registries. To maintain licensing compliance, institutions must institute dedicated cybersecurity policies, conduct periodic penetration testing with regular reporting to FRAand secure mandatory cyber liability insurance coverage.
These efforts have led to a massive surge in digital onboarding across Egypt’s non-banking financial sector. E-KYC verifications reached over 1.727 million as of late October 2026, up significantly from 354,000 at the end of 2025. Similarly, registered digital contracts reached 862,000, compared to 190,000 recorded at end-2025.
He added that to foster continuous innovation, FRA Regulatory Sandbox has served as a controlled testing ground for emerging market solutions. The sandbox has processed 67 applications and issued 67 regulatory guidance notes to date. Out of these, 11 projects have received preliminary approval, with 2 projects successfully advancing to live market testing. Additionally, the Authority has conducted specialized training programs to enhance the capabilities of professionals across various non-banking financial sectors in cybersecurity and financial technology.
Dr. Islam Azzam also highlighted the latest tech-driven developments incentivizing investment under FRA supervision. Most notably, this includes digital platforms for investing in Real Estate Investment Fund units—representing state-of-the-art systems where FinTech is widely deployed, requiring advanced and comprehensive security measures across all transactions between funds, platform management and investors.
In alignment with Cairo ICT’s focus on artificial intelligence, FRA is laying the foundation for advanced supervisory technology and predictive analytics. The Authority is actively studying AI integration to automate data analysis, extract dynamic market indicators, enhance early risk detection, and establish a centralized cross-sector anti-fraud network.
To support these initiatives, FRA is rolling out a central digital integration project across all regulated entities. This system enables real-time data analysis, feeding key insights back into the market to help institutions design tailored insurance and financing products.
FRA pavilion also features joint participation from major industry bodies, including federations representing Insurance, Real Estate Finance, SME & Microfinance, Consumer Finance, Factoring, Financial Leasing, and Securities.
The pavilion provides exhibition visitors with an up-close look at non-banking financial activities and the opportunities FinTech offers to develop products and services. Visitors can engage directly with specialized FRA representatives from the Central Directorate for Financial Awareness and Culture. Additionally, the pavilion features educational booklets for adults and children under the “I Invest” initiative, alongside interactive presentations designed to educate citizens of all ages on safe, FRA-regulated investment opportunities, as well as consumer rights and obligations.
FRA’s EIoD Hosts Sustainability Governance Workshop for Top NBFIs Executives – Thursday 5 November 2026
- FRA Chairman Dr. Islam Azzam inaugurates an interactive session led by Dr. Kareem Sorour, Academic Expert from Northumbria University, UK.
As part of its specialized training initiatives to build capacity and raise awareness in governance, environmental, and social responsibility, the Egyptian Institute of Directors (EIoD)—FRA training arm—organized an interactive workshop titled “Transforming Sustainability Practices: A Governance-Based Approach.” Held in collaboration with Northumbria University (Newcastle, UK), the session convened board members, C-suite executives and senior specialists in governance, sustainability, finance, and risk management across non-banking financial institutions.
The event was inaugurated by Dr. Islam Azzam, FRA Chairman, in the presence of FRA Vice Chairmen Mr. Mohamed El-Sayyad and Dr. Tarek Seif, alongside Mr. Mohamed Riad, Acting Executive Director of the EIoD. Dr. Kareem Sorour, Associate Professor of Accounting and Corporate Governance at Newcastle Business School, Northumbria University, and a renowned international expert in corporate governance, sustainability and accountability, delivered the workshop.
The session explored practical project execution models developed in partnership with regulatory authorities, government bodies, and cross-sector institutions. Discussions highlighted the critical shift from viewing sustainability as a mere reporting and disclosure exercise to embedding it deeply into corporate governance structures—making it a core driver of strategic and operational decision-making to enhance transparency, stakeholder engagement, and long-term value creation.
The workshop addressed key challenges that hinder sustainability initiatives from translating into impactful organizational practices, examining why some implementations remain superficial or symbolic. Speakers emphasized the pivotal role of boards of directors, executive management, and accounting and finance professionals in converting sustainability policies into actionable, measurable, and verifiable processes.
The event aligns with the EIoD’s ongoing strategy to propagate international best practices in corporate governance and sustainability by fostering academic partnerships with leading global institutions and leveraging expert international faculty.
The Egyptian Institute of Directors continues to play a vital role in advancing corporate governance standards across Egypt, embedding sustainability principles into organizational strategies and strengthening market confidence to generate sustainable long-term value for the national economy.
