الهيئة العامة للرقابة المالية

Dr. Mohamed Farid – FRA Chairman:

• Egyptians abroad can now easily invest in the Egyptian Stock Exchange and investment funds using digital platforms.
• The non-banking financial sector fuels national economic growth by leveraging its unique strengths and services.
• A top priority is developing flexible, integrated insurance solutions to ensure effective coverage for Egyptians abroad.
• The number of insured individuals rose by 20% in July 2025 after the insurance coverage for Egyptians abroad and their families was increased to EGP 250,000.

Dr. Mohamed Farid – FRA Chairman joined a panel discussion at the Sixth Edition of Egyptians Abroad Conference organized by Ministry of State for Emigration and Egyptian Expatriates Affairs under the slogan “From Everywhere… Egypt is the Destination”. Prime Minister Dr. Mostafa Madbouly inaugurated the conference. The event brought together ministers, state representatives and prominent members of Egyptian communities from around the world.

During his speech, Dr. Farid highlighted the crucial role of the non-banking financial sector in driving national economic growth. He explained that this sector, through its services in insurance, financing and investment, acts as a key pillar for economic growth. He added that financial technology (FinTech) has provided Egyptians abroad with broader, more secure opportunities to use these financial tools, strengthening their ties to Egypt and allowing them to participate in national development initiatives.

Dr. Farid affirmed that a top priority for FRA is to provide flexible, integrated insurance solutions for Egyptians abroad, ensuring they have effective coverage tailored to their specific needs. He also emphasized how technological applications now make it easy for Egyptians to invest in the Egyptian Stock Exchange and various investment funds. This gives them the opportunity to become partners in major national companies and benefit from professionally managed funds, helping them capitalize on investment opportunities in their home country.

Prime Minister Dr. Mostafa Madbouly, in his opening remarks, stressed that the state and its leadership place the highest priority on the welfare of Egyptians abroad. He noted that President Abdel Fattah El-Sisi gives them continuous and considerable attention. The Prime Minister cited presidential directives to make every effort to defend their rights and dignity respond to their needs and provide all possible support. He also stressed on boosting communication with Egyptians abroad and strengthening their ties to the homeland, particularly for the second and third generations.

According to Dr. Farid, the primary goal of digitizing non-banking financial transactions is to maximize benefits for citizens and customers. He noted that FRA has been building the legislative framework for these markets since 2014, with initial resolutions focusing on the electronic distribution of insurance and technological infrastructure for brokerage firms.

This journey accelerated significantly with the issuance of Law No. 5 of 2022 which created a comprehensive framework for the use of technology in non-banking financial services. This was followed by a series of detailed resolutions in 2023, covering everything from the necessary technological infrastructure and security measures to digital identity, contracts and registries. A key milestone was Resolution No. 140 of 2023, the first of its kind from a financial regulator, which specifically detailed the requirements for electronic customer identification. This resolution stands as the first regulatory decision from a financial sector authority to detail the requirements for electronic digital customer identification. This landmark resolution was followed by Resolution No. 141 of 2023 which established an outsourcing registry for FinTech services within non-banking financial activities.

Dr. Farid explained that a proposed personal accident insurance policy for Egyptians abroad and their families, submitted by the Ministry of Foreign Affairs and Immigration, reflects the state’s unwavering commitment to their protection. The initiative provides a crucial safety net, embodying the state’s dedication to secure their well-being. This effort is part of a broader, comprehensive vision to strengthen the connection between Egyptians abroad and their homeland through tangible services that foster trust and a sense of belonging. FRA is committed to continued collaboration with relevant ministries to develop more mechanisms that protect the rights of Egyptians abroad and contribute to their stability.

FRA Chairman added that the personal accident policy has seen a significant surge, with the number of insured Egyptians abroad rising to 1.3 million citizens by the end of July 2025. This was driven by a 20% increase in demand during the July only, following the raise of the insurance amount to EGP 250,000. This growth highlights a rising awareness of the policy’s importance in providing financial security. To date, 120 compensation cases have been processed, with total paid claims reaching EGP 10 million.

In 2023, FRA also launched the first pension policy for Egyptian citizens abroad. Designed to provide advanced insurance and a suitable additional pension, the policy offers an integrated program with cumulative investment and savings features. This ensures a solid retirement fund upon reaching a chosen age. Notably, the policy can be easily purchased electronically via a dedicated application.

Dr. Farid emphasized that FRA will continue developing and providing insurance, financing, and investment solutions tailored to the specific needs of Egyptians abroad. He concluded that these ongoing efforts are designed to improve insurance inclusion, expand the base of beneficiaries, and ultimately enhance the participation of expatriates in the national economy.