الهيئة العامة للرقابة المالية

• the MFSA Public Conference is held concurrently with the meetings of the Growth and Emerging Markets Committee (GEMC) in Malta.
• Mohamed Farid presents a future vision for the principles of growth and stability of Capital Markets in emerging economies

Dr. Mohamed Farid – FRA Chairman:

• Emerging markets are active and influential players in reshaping global standards and driving the international financial transformation process.
• FRA is a pioneering model that combines regulatory innovation, sustainable action and digital transformation in developing capital markets within emerging economies.
• Developing human capabilities is considered the essential pillar for ensuring long-term competitiveness and achieving effective digital transformation.
• Regional and global cooperation is imperative to counter financial fragmentation and technological disruption, enabling emerging markets to lead international financial policies.

Dr. Mohamed Farid, FRA Chairman, Vice Chair of the IOSCO Board and Chair of the IOSCO’s Growth and Emerging Markets Committee (GEMC) participated in the Public Conference organized by the Malta Financial Services Authority (MFSA). Dr. Farid delivered the keynote speech to an elite group of financial regulators and policymakers from various global markets. This Conference coincided with the GEMC Annual Meetings 2025 hosted by the MFSA in Malta from November 18 to 20.

During his keynote address, titled “Emerging Markets: Opportunities, Threats and New Trends in a Challenging Global Landscape,” Dr. Farid comprehensively discussed the current state of the global financial ecosystem. He first analyzed the most prominent global economic developments shaping the financial landscape. Following this, he addressed the serious repercussions of geopolitical risks on financial stability. He delved into the future of Capital Markets, emphasizing the vital role of both regulation and innovation in enhancing their efficiency, with a specific focus on digital transformation.

Dr. Farid highlighted that the issuance of Egypt’s Financial Technology (FinTech) Law and its Executive Regulations represents a shift in the evolution of the Egyptian regulatory framework, proving that “Adaptability can be an inherent part of the regulation itself.” He stressed that the framework is moving beyond rigid rules that merely follow innovation; instead, it is now designed to evolve alongside it. This capability enables real-time regulatory interaction with new FinTech developments, allowing FRA to simultaneously ensure investor protection, enhance transparency, and encourage an environment stimulating innovation and creativity. This strategy, he concluded, reflects FRA’s unique ability to successfully blend regulatory rigor with the flexibility essential for keeping pace with the digital revolution, all while maintaining public interest and consumer protection as its highest priorities.

Dr. Farid detailed FRA successful transition from a traditional paper-based operation to an integrated digital model. FRA has licensed digital startup companies, approved a register for FinTech service providers and implemented essential digital infrastructure such as electronic e-KYC procedures, digital contracts and a digital register- all of which boost efficiency and broaden access to financial services. Furthermore, FRA has licensed Robo-Advisor services to empower asset managers with artificial intelligence and has begun issuing digital licenses for Real Estate Investment Funds, Private Equity and Venture Capital funds, setting the stage for a full migration to advanced digital fund management models. These innovative steps, Dr. Farid concluded; establish a financial ecosystem built on digital innovation, positioning FRA as an active partner in shaping the future of non-banking finance according to the latest global standards.

He pointed out that emerging markets have proven their story is not just one of shock resistance, but one of strategic adaptation, which has transformed them into laboratories for innovation that are currently reshaping global standards and driving the agenda for reform and sustainability toward measurable, practical horizons. He affirmed that the Committee (GEMC) continuously works to support these markets and facilitate the exchange of experiences among them, which contributes to developing their regulatory structures, improving their capacity to confront risks, and enhancing their attractiveness for investments.

Dr. Farid underscored that sustainability has moved beyond a theoretical concept to become an integral component of regulatory practices and institutional work. He stressed the imperative to integrate Environmental, Social and Governance (ESG) criteria across all market activities. Furthermore, he affirmed that developing human capabilities is a fundamental pillar for ensuring long-term competitiveness, noting that investment in qualified and trained personnel is vital for achieving both digital transformation and innovation.

Dr. Farid underscored the imperative need for intensified regional and global cooperation to counter the challenges posed by financial fragmentation and technological disruption. He clarified that collaboration among emerging markets is a key driver for future growth, which empowers them to assume a leading role in setting global financial policies and standards. Furthermore, he confirmed that bolstering partnerships and exchanging expertise among regulatory bodies are essential steps for building markets that are more resilient, better equipped to manage risks and prepared to embrace modern innovations.

Dr. Mohamed Farid presented his future vision for Capital Market development in the coming decade, which rests upon three principles designed to convert uncertainty into an opportunity for leadership. The first principle, Innovation with Integrity, mandates that technology actively enhances financial inclusion and broad access to services for all. This requires that the relevant regulations are flexible, ethical and transparent, effectively supporting innovation without compromising client rights or market stability. The second principle, Integration with Regulatory Independence, calls for a concerted effort to deepen ties between markets and facilitate robust regional and international cooperation. Crucially, this integration must be managed to ensure that national stability and the protection of investors and clients remain intact, thereby leading to the creation of a sustainable and interconnected global financial network. The third principle is Growth that Considers Sustainability. Dr. Farid asserted that our financial systems must achieve growth that fundamentally respects environmental and social balance. This involves pursuing sustainable development that avoids compromising natural resources or the environment, a crucial step that will ensure Capital Markets are more resilient and better equipped to confront future challenges.

Concluding his address, Dr. Farid emphasized that international cooperation is mandatory in the interconnected global financial environment. He called for continuous dialogue and knowledge sharing among regulators to foster strong, resilient Capital Markets. He asserted that deeper global market integration is the best route to comprehensive and sustainable financial stability, yielding positive impact across national economies, businesses and individuals.