الهيئة العامة للرقابة المالية

• FRA will hold a FinTech forum this July, highlighting its dedication to digital transformation and its significant role in bolstering Egypt’s non-banking financial sector.

Prime Minister Dr. Mostafa Madbouly held a meeting today with Dr. Mohamed Farid, FRA Chairman to review key operational files of the Authority.

During meeting , Dr. Farid presented FRA’s comprehensive efforts to bolster the non-bank financial sector’s role in the national economy, emphasizing its positive and sustainable developmental contributions to Egyptian society. A significant focus of the meeting was the recent implementation of Unified Insurance Law No. 155 of 2024. This landmark legislation, issued by the President, has led to crucial decisions and regulations, including increased capital requirements for insurance companies, refined investment ratios for insurance assets and funds, and an expanded scope of insurance coverage. These measures are designed to enhance the insurance sector’s efficiency, competitiveness and overall contribution to the economy.

Prime Minister Madbouly lauded FRA’s proactive role in fostering the growth and development of non-bank financial markets. He reiterated the government’s unwavering support for the non-bank financial sector, recognizing its indispensable contribution to the national economy.

Dr. Farid further detailed the upcoming FinTech forum, aptly titled “Legislation to Promote Finance and Growth.” The forum will serve as a crucial platform to showcase the digital transformation initiatives across the non-bank financial sector and highlight the regulatory frameworks implemented to accelerate this shift. A key objective is to empower emerging startups in non-bank financial activities by facilitating their access to funding, thereby supporting their business development strategies.

A highlight of the forum will be the presentation of compelling success stories from companies across various non-bank financial activities, including capital markets and financing. These companies, having secured FRA licenses, have successfully attracted multi-million dollar investments, underscoring the critical role of supportive legislation in drawing foreign investment to the sector. The event will also witness participation from representatives of venture capital firms and investors keen on technology-driven companies operating within the non-bank financial landscape.

In a related context, Dr. Farid noted the significant importance of establishing comprehensive insurance coverage for government buildings. This vital matter will be a subject of future discussions, guided by existing regulations and legislation.

Regarding the capital market, FRA Chairman reported a stable environment, attributing it to the Authority’s meticulous efforts and decisions. These measures prioritize a balanced approach between market development and stability, incorporating progressive and risk-based supervision to ensure the integrity of transactions and protect market participants. Dr. Farid confirmed the efficient operation and regular monitoring of linking systems connecting all parties involved in the trading process.

Finally, Dr. Farid revealed FRA’s imminent plans to apply Basel III standards to non-bank financial sector companies. This strategic move aims to ensure the adequate capitalization of these companies, enabling them to effectively mitigate credit, operational and market risks. Adopting these international best practices will bolster the financial solvency of non-bank financial companies, further solidifying FRA’s broader efforts to enhance the financial stability of non-bank financial markets