الهيئة العامة للرقابة المالية

• Caisec’24 brought together a distinguished group of attendees, including government ministers from Supply and Aviation, the Secretary-General of the League of Arab States, and representatives from the telecommunications industry.
• Dr. Mohamed Farid – FRA’s Chairman: The Authority prioritizes creating a secure and stable environment to unlock the full potential of the non-banking financial sector, contributing to a stronger national economy.

• To effectively address the risks of data breaches, we need to improve the resilience of technology systems.

• As the digitalization of transactions and services rapidly expands, data insurance becomes a vital tool. It safeguards customer information, promoting market stability by mitigating the risks associated with data breaches

• Technological development must be matched by investments in human capital development to ensure we can maximize the benefits of new technologies

• Data security and market stability are key priorities in the non-banking financial sector.

Today, Dr. Mohamed Farid – FRA’s Chairman participated in Caisec’24 – Cyber and Information Security Exhibition and Conference. This leading Middle Eastern and African cybersecurity event focuses on cutting-edge technologies and innovations. During his participation, Dr. Farid discussed the Authority’s ongoing initiatives to create a secure and stable environment that contribute to strengthening the non-banking financial sector’s role in boosting the national economy. He emphasized the importance of data protection and market stability in achieving these goals.

Dr. Farid highlights the Authority’s role as being the regulator of non-banking financial sector, encompassing capital markets, insurance, and non-bank financing activities. He stresses on FRA’s commitment to cybersecurity; this involves developing regulations to safeguard customer data and maintain stability in the market which is a critical function for any regulator. Also, he emphasizes that in order to unlock the full potential of the non-banking financial sector and contribute to a thriving national economy, the Authority actively works towards creating a secure data landscape and promoting market stability.

Dr. Farid acknowledges the growing importance of financial technology (fintech) in delivering various services, particularly financial ones. However, he asserts that increased reliance on technology also brings risks. Data hacking can threaten information security and destabilize markets. To address this, the Authority is developing robust business policies and regulations. These regulations aim to improve governance within fintech sector and ensure non-bank financial institutions leverage technology responsibly to promote market stability.

Dr. Farid further emphasizes the rapid and transformative advancements in artificial intelligence. He stresses the importance of building resilience within institutions and markets. New technologies often come with inherent risks. The Authority prioritizes preparedness and readiness to ensure a flexible non-banking sector can capitalize on these advancements while effectively managing the associated risks.

Dr. Farid points out that there is a significant increase in the digitalization of non-bank financial transactions in recent times. This follows the Authority’s issuance of executive decisions to implement Law No. 5 of 2022. This law establishes a regulatory and legislative framework for governing and developing the use of technology in non-bank financial activities and services. The law includes provisions that define the rights and obligations of non-bank financial institutions wishing to offer services using fintech. Additionally, it covers outsourcing companies that support non-bank financial institutions in their digital transformation journey, especially various fields of financial technology, namely digital identity, know your customer, digital contracts and records.

The main session featured high-profile attendees including Mr. Ahmed Aboul Gheit, Secretary-General of the League of Arab States, Lieutenant General Mohamed Abbas Helmy, Minister of Civil Aviation and Dr. Ali El-Moselhi , Minister of Supply and Internal Trade.

Held under the theme “Securing the Future,” the event convened a global audience from cyber security sectors and systems. Visitors gained insights into the most critical technical threats, best practices for countering them, and cutting-edge trends in cybersecurity. Practical solutions, strategies, and innovative solutions designed to address future risks were also on display.