الهيئة العامة للرقابة المالية

Dr. Mohamed Farid – FRA Chairman:

• A strategic partnership to develop professionals and enhance the sustainability and competitiveness of non-bank financial markets.
• Accelerated digitalization and greater sustainability engagement boost the non-bank financial sector’s contribution to the economy.
• To young people: Never stop learning. The moment you think you know it all, you stop growing
• CFA Society Egypt and FRA are exploring a new university competition focused on sustainability reports.
• The potential utilization of robo-advisory platforms within the insurance and investment fund sectors is currently under review.
• Developing financial markets and promoting cumulative investment requires continued effort.
• Learning is a tool, not a destination. Technological literacy is essential for progress. Information access makes capacity building easier than ever.
• All participants who reached the final stage of the CFA Society Egypt challenge are winners. Their long and challenging journey of qualification and empowerment deserves immense recognition.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at the 14^th Annual Conference of the CFA Society Egypt. The conference featured the finals of the annual research challenge, a nationwide competition showcasing the talents of student analysts from eight Egyptian universities (public, private and international).

The finalists presented fundamental analyses to determine the fair value of a share of a listed company.

Dr. Farid delivered the keynote address at the CFA Society Egypt’s annual conference, marking his 11^th   consecutive year of participation. His contributions have evolved from serving as an arbitrator to addressing the conference in his official capacity. He emphasized the importance of disseminating knowledge and encouraged continuous learning. He asserted that a person remains a scholar as long as he seeks knowledge, but if he thinks he has learned, then he becomes ignorant.

He highlighted the strategic alliance between FRA and various stakeholders, emphasizing their shared commitment to enhance the capabilities of professionals operating within the non-bank financial markets.  This collaborative effort aims to foster both the sustainable development and the increased competitiveness of this vital sector.  He specifically mentioned the potential for collaboration with the CFA Society Egypt to create a new challenge and competition tailored for university students specializing in the preparation and analysis of sustainability reports.

Moreover, he underscored the need for companies not only to understand their environmental, climate, sustainability and social impact but also to implement strong governance and transparent reporting on their sustainability efforts, including the financial implications of environmental actions.

Dr. Farid asserted that environmental and social responsibility is no longer a luxury but a necessity for companies seeking growth, international financing, and global investment. He called on universities and professional associations to organize more competitions to encourage best practices in environmental stewardship, disclosure, and governance. He further explained that accelerating digital transformation and enhancing sustainability within the non-bank financial sector are crucial for strengthening its role in the national economy.

During his speech, FRA Chairman announced the issuance of regulations governing the operation of the Robo-Advisor for Investment program, a commitment undertaken at the previous year’s general conference of the CFA Society. The program, authorized under Decree No. 57 of 2024, will provide electronic financial advisory services, including portfolio formation, management and rebalancing through the application of AI algorithms.

In addition, he stated that the Authority is exploring the use of AI algorithms in insurance and investment fund activities, with a focus on how this technology can help investors compare investment certificates and various investment alternatives more effectively.

Dr. Farid emphasized the critical role of technological understanding in progress, stating that without it, advancement is impossible. He highlighted the accessibility of information in today’s world, making capacity building a straightforward process, and stressed that education is a tool, not the ultimate goal.

He also announced that FRA has received applications for new metal funds, building on the success of the first three gold investment funds launched recently.  He acknowledged that there is still much work to be done to develop financial markets and promote the importance of long-term investing and saving, maximizing the value of these savings and expanding the pool of beneficiaries.

Lastly, FRA Chairman expressed his gratitude to all participants in the CFA Society Egypt competition. He congratulated all finalists, recognizing their qualification as a significant achievement. He praised their dedication, noting the demanding nature of the qualification process and emphasizing that their journey was worthy of recognition.