الهيئة العامة للرقابة المالية

FRA Chairman Extends Condolences over Western Assiut Road Accident, Orders Fast-Track Compensation – Tuesday 20 October 2026

Dr. Islam Azzam, FRA Chairman has expressed his condolences to victims’ families of the tragic traffic accident that occurred today within Faiyum Governorate, involving a collision between a passenger bus and a heavy transport truck. The initial death toll stands at 13 fatalities, with over 34 others injured. Dr. Azzam prayed to Almighty God to bestow His infinite mercy upon the deceased, grant their families patience and solace and wish all the injured a swift and complete recovery.

In light of his follow-up on the aftermath of the accident, Dr.  Islam Azzam ordered the Egyptian Compulsory Insurance Pool (ECIP) to initiate all necessary procedures to pay out the due compensation to the victims’ families and the injured in accordance with the Unified Insurance Law No. 155 of 2024.

FRA Chairman further directed prompt communication with the families of the deceased and the injured to facilitate procedures and accelerate the disbursement of compensations. These amounts stand at EGP 100,000 per fatality. Meanwhile, injury payouts will be determined based on the disability percentage certified by the Medical Commission, in accordance with the Unified Insurance Law. Settlements will be fast-tracked for eligible beneficiaries upon the receipt of completed accident documentation and verification of the compulsory insurance policy’s validity.

For his part, the Executive Director of the Egyptian Compulsory Insurance Pool confirmed that Pool representatives will directly reach out to the victims’ families to finalize the required paperwork and expedite compensation payouts as quickly as possible.

FRA Approves 6 Companies to Offer Non-Bank Financial Services Using Fintech – Sunday 18 October 2026

• • Approvals expand custodian, securities trading, and SME digital financing activities.

  Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has granted approval to six companies to offer non-bank financial activities using financial technology (fintech). Issued by the Fintech Committee, these decisions align with FRA’s ongoing efforts to expand the beneficiary base of non-banking financial services, accelerate digital transformation and foster tech-driven solutions across the non-banking financial sector.

  As part of these approvals, Welzy Financial Holding was authorized to offer custodian services using fintech solutions, while Welzy Securities Brokerage received approval to conduct its authorized activities and mechanisms through digital applications. Additionally, the Authority granted preliminary incorporation approvals for two new fintech startups: Paymob SME Finance and MIDBANK Digital SME Financing.

  In addition, the Authority approved the registration of Fawry for Banking Technology and Electronic Payments as a fintech outsourcing service provider, with its services strictly limited to its own subsidiaries engaged in non-banking financial activities.

   Furthermore, BM Consumer Finance (Souhola) was authorized to operate through “VLens” digital platform, as its license request was submitted prior to FRA Decision No. (43) of 2026—issued last February—which placed a one-year freeze on new fintech consumer finance licenses.

  Overall, these regulatory approvals significantly reinforce the integration of digital solutions into capital market operations and drive technology adoption across consumer finance and micro, small, and medium enterprise (MSME) finance.

  These approvals are issued pursuant to FRA’s constitutional and statutory mandate to regulate and supervise non-banking financial markets and instruments. The Authority’s regulatory oversight covers capital markets, futures exchanges, insurance, real estate finance, leasing, factoring and securitization. In addition to licensing companies operating via traditional channels or cutting-edge FinTech tools.

Dr. Mohamed Abdelaziz Leads Interactive Financial Literacy Session in Alexandria — Friday 16 October 2026

• Clear explanations of non-banking financial tools and their role in improving lives, scaling projects, and fostering startups.
• High engagement from young people, women, and children seeking to explore investment opportunities, financing options and insurance solutions.

As part of “Building Capacity , Driving Development – Know to Benefit” conference, held under PM auspices, Dr. Mohamed Abdelaziz – Assistant to Chairman  delivered an interactive financial awareness lecture at Alexandria Stadium Indoor Hall. The session aimed to promote financial literacy and introduce the public to non-banking financial activities, following the official conference opening led by FRA Chairman Dr. Islam Azzam and Alexandria Governor Engineer Ayman Attia.

FRA ensured the session was open to all Alexandria citizens across all age groups. The event drew a large and diverse turnout—particularly school pupils, university and institute students, women and youth—who attended the interactive lecture alongside visiting the comprehensive financial activities exhibition organized within the stadium.

Dr. Mohamed Abdelaziz delivered a detailed, accessible presentation on non-banking financial activities and investment avenues, ranging from capital markets and insurance to non-banking financing services. He highlighted the vital economic role played by these sectors and explained how non-banking financial technology (FinTech) enables citizens to achieve secure, regulated investment returns under comprehensive regulatory oversight.

During the presentation, Dr. Abdelaziz detailed the practical applications of non-banking financial instruments—including factoring, leasing and mortgage solutions—across various socio-economic segments. He highlighted the significant developmental strides made through Micro, Small and Medium Enterprise (MSME) finance, stressing its essential function in driving women’s economic empowerment in vulnerable communities and building resilience against financial risks.

Addressing retail investors, Assistant Chairman outlined essential capital market fundamentals and emphasized the critical elements necessary for making sound investment decisions prior to trading on the stock exchange. He strongly warned attendees against illicit influences and fraudulent practices originating from anonymous social media groups, messaging channels and unverified online pages.

Furthermore, Dr. Abdelaziz highlighted regulated investment funds and official savings vehicles designed to help citizens maximize their returns safely. He noted that broadening access to these legitimate channels directly reinforces state efforts to curb illicit money-pooling operations—commonly known as “El-Mestareh” which invariably lead to fraudulent schemes, financial loss and the erosion of personal savings.

Throughout the session, Dr. Abdelaziz explained FRA’s pivotal regulatory and supervisory role in safeguarding market participants, ensuring the steady growth of safe investment options and expanding financial inclusion across all segments of society.

The lecture generated high audience engagement, particularly from youth, children and women. Moving from basic concepts to in-depth discussions, participants asked targeted questions regarding the requirements to access insurance and financing products via smart mobile applications, as well as the specialized pathways established by the Authority to foster innovation and entrepreneurship within regulated non-banking sectors.

“Building Capacity, Driving Development” conference reflect Financial Regulatory Authority’s (FRA) strategic drive to deepen ties with state institutions and regional business communities. Through these initiatives, the Authority continues to advance non-banking financial markets—striking a vital balance between accelerating growth, elevating service standards, safeguarding market participants, and maximizing the sector’s contribution to the national economy