الهيئة العامة للرقابة المالية

• The meetings provided a platform for exchanging expertise and exploring avenues for cooperation and partnership

Dr. Farid , Vice Chair of the IOSCO Board:

• The meetings featured a presentation on Egypt’s experiences in the voluntary carbon market, financial technology and the unified insurance law
• The Unified Insurance Law represents a qualitative leap for the sector, and we are racing against time to issue executive decisions to enhance insurance coverage levels through the utilization of technology
• Egypt’s regulated voluntary carbon market is a pioneering initiative, and we aim to strengthen its role in supporting efforts to achieve carbon neutrality and enhance sustainability levels.

Turkish institutions are keen on investing in Egypt and are organizing an official visit for a group of investors soon.

Dr. Mohamed Farid, FRA Chairman conducted series of bilateral meetings with several Turkish institutions during his official visit to Turkey. These meetings aimed to explore avenues for cooperation, partnership, and knowledge exchange. Discussions encompassed technological and environmental developments, and the crucial role of capital markets in managing and mitigating related risks. Dr. Farid was in Turkey to participate in the Annual Meetings of the Growth and Emerging Markets Committee (GEMC), where he serves as Chairman of the Committee. Notably, the GEMC is the largest committee within IOSCO and Dr. Farid currently serves as Vice Chair of the IOSCO Board.

The joint effort of the Egyptian Commercial Office in Istanbul and the Egyptian Embassy in Ankara in organizing these meetings highlights the crucial role of inter-agency collaboration in highlighting Egypt’s development and investment opportunities to the international community.

Prominent attendees included Fatma Cinar, Vice President of Turkey’s Union of Takaful Banks, alongside representatives from leading Turkish financial institutions and business associations. During the discussions, Cinar announced plans for the Union’s Secretary General to visit Egypt next month, aiming to strengthen ties with Egyptian financial institutions.

The meetings held by FRA Chairman delved into exploring promising investment opportunities within Egypt’s insurance sector. Also, he shed light on regulatory developments designed to foster growth. Dr. Farid reviewed the Authority’s efforts to enhance the insurance sector, noting that the issuance of the Unified Insurance Law is a strategic step that will bolster the efficiency and competitiveness of the insurance industry in Egypt.

This new legislation will significantly contribute to the national economy by fostering the development of innovative insurance products and solutions and accelerating the adoption of technology within the insurance sector. This will ultimately enhance insurance penetration and expand access to diverse insurance coverage for a wider segment of the population.

He added that the issuance and implementation of the  new Law supports efforts to achieve sustainable growth and enhances the insurance industry’s ability to attract more investments and provide new insurance coverage for various segments of society. He emphasized that the Authority is committed to making decisions that empower individuals by enabling them to benefit from a wide range of non-banking financial services. These services include investments in stocks and bonds, insurance coverage, and alternative financing options, ultimately helping individuals achieve their financial goals and improve their overall well-being. This approach ensures that the Authority’s decisions not only contribute to the growth of the insurance sector but also add value to the Egyptian economy and society as a whole.

Dr. Farid held a meeting with key Turkish entities, including the Independent Industrialists and Businessmen’s Association (MUSIAD), the Financial Technologies Council, Union of Chambers and Commodity Exchanges of Turkey (TOBB), Albaraka Turk Bank and the ISAS Group.

The meeting underscored the positive investment climate in Egypt, emphasizing the pioneering voluntary carbon market and the significant potential of both the insurance and financial technology sectors. Turkish institutions expressed strong interest in investing in Egypt and announced plans to organize a business delegation visit to Egypt next year to explore potential areas of cooperation.

Dr. Farid emphasized the importance of the Voluntary Carbon Market as a pioneering initiative in the region. He highlighted that the market not only supports carbon neutrality efforts but also creates new investment opportunities and promotes sustainable finance.

He stressed on the Authority’s ongoing commitment to strengthening the resilience of the non-bank financial sector in the face of climate change and fostering sustainability practices. This is achieved through capacity building, strategic partnerships and the development of coherent regulations to ensure the effectiveness of non-bank financial services in the transition to a low-carbon.

In terms of financial technology, Dr. Farid noted that the adoption of fintech and digitalization of non-bank financial transactions enhances the capabilities of the non-bank financial sector. He emphasized that fintech is a significant catalyst for expanding access to financial services across all segments of society. He further stated that the use of fintech enhances competitiveness and emphasized that financial inclusion cannot be achieved without technology and digitalization.