- The competition concluded with 16 Egyptian projects qualifying for the African qualifiers, all of which presented innovative technological solutions for the non-banking financial sector.
- The competing projects involved youth from various Egyptian governorates. Out of 26 total projects, 16 teams qualified, and three teams emerged as winners in the Egyptian qualifiers.
- The World Computer Hacker League, a global event to support and promote technological innovation, marks Egypt’s first-ever participation.
Dr. Mohamed Farid – FRA Chairman:
- The Authority’s Regulatory Sandbox empowers Egypt’s youth by providing a platform to present their innovative technological ideas, guiding and sponsoring them to transform these concepts into tangible solutions.
- The initiative offers comprehensive support and assistance to entrepreneurs and innovators, enabling them to test and activate their ideas to develop effective solutions for the non-banking financial sector.
- Technology is essential for enhancing financial inclusion and integration, not only for consumers but also for the next generation of innovators and entrepreneurs.
- Placing emerging ideas within clear legislative, supervisory and regulatory frameworks from the outset helps develop them into compliant companies, which ensures consumer protection and attracts investments.
Dr. Mohamed Farid, FRA Chairman delivered a keynote speech to conclude the World Computer Hacker League, highlighting the pivotal role of entrepreneurship and startups in shaping the future and boosting the non-banking financial sector’s contribution to the national economy.
The event, a collaboration between FRA and its Regulatory Sandbox, Mercatura Forum, ICP Hub Egypt and the DFINITY Foundation, was hosted at the Authority’s headquarters in Smart Village.
The event announced that the top 16 projects would advance to the continental stage next month to compete for a spot in the global finals. Dr. Farid expressed his confidence that the winning projects would excel in the upcoming qualifiers and at the global competition, thereby solidifying Egypt’s position on the international stage.
The event was held less than 45 days after the official launch of FRA’s Regulatory Sandbox. The Sandbox’s core mission is to support and facilitate the market entry of startups with smart digital solutions. It also aims to enhance the regulatory understanding of fintech, improve regulatory practices to support sustainable and inclusive financial growth and boost innovation across the non-banking financial sector. FRA seeks to continuously foster a supportive regulatory environment that provides financing, investment and insurance solutions for individuals and companies.
Egypt is participating for the first time in the World Computer Hacker League, a global event in its second year. This unprecedented step, taken through FRA’s Regulatory Sandbox, solidifies Egypt’s position on the global digital financial innovation map.
Supported by the Internet Computer Protocol (ICP) and the DFINITY Foundation, the hackathon empowers developers to build integrated financial infrastructure using blockchain technologies. This includes tokenized financial products, Real-World Asset (RWA) platforms and decentralized AI applications. More than just a competition, the event is a national platform for driving Web3 innovation, ensuring compliance with regulatory frameworks while supporting high-impact solutions.
The competition began with 26 participating projects, with 16 successfully qualifying for the African continental stage next month. The top three national winners were:
1st Place: MercX won a prize of EGP 100,000.
2nd Place: CargoTrace Finance won a prize of EGP 50,000.
3rd Place: ChainNotery won a prize of EGP 25,000.
The winning project at the African level is set to receive a prize of EGP 350,000, in addition to investments worth $50,000. This participation is expected to significantly strengthen Egypt’s position as a regional hub for financial technology and innovation (Web3).
Number of the Authority’s leaders attended the ceremony, including Mr. Mohamed El-Sayyad, FRA Vice Chairman; Dr. Mohamed Abdel Aziz, Assistant to Chairman; Kareem Younes, Managing Partner at Mercatura Forum; and Engineer Ahmed Khalifa, FRA’s Chief Data Officer and Executive Director of the Sandbox. The event was also attended by the participating teams and representatives from ICP Hub Egypt and the DFINITY Foundation.
Dr. Mohamed Farid, FRA Chairman, stated that the Authority’s Regulatory Sandbox serves as a vital platform for empowering Egypt’s youth. By guiding and sponsoring innovators, the Sandbox helps them transform their technological ideas into practical solutions that serve the market and support economic growth. He added that FRA is committed to provide comprehensive support to entrepreneurs, enable them to test and activate their projects in a secure environment. These efforts, he stressed, are a direct investment in the future of the national economy and will deliver new solutions that enhance the non-banking financial sector.
Dr. Farid emphasized that technology is essential for boosting financial inclusion, not only for consumers but also for innovators and emerging entrepreneurs. This enables all parties to participate in the economic system more effectively and sustainably.
He affirmed that integrating new ideas into clear legislative, supervisory and regulatory frameworks from the outset is crucial. This approach helps these startups develop into compliant companies, which in turn ensures consumer protection and attracts both local and international investments. According to Dr. Farid, this proactive regulation is fundamental to build a safer and more competitive financial market.
Dr. Farid affirmed that participating teams deserve immense praise for their courage and fearlessness in presenting innovative models. He noted that these projects reflect the spirit of creativity and entrepreneurship among Egyptian youth. The Authority views these experiences as a genuine opportunity to shape a new future for non-banking financial sector, one built on technology and innovation.
FRA Chairman clarified that the Authority will only approve technological developments that are tied to strict adherence to regulatory requirements, such as listing and trading rules, Know Your Customer (KYC) protocols and database linkage. He affirmed that FRA’s vision is built on the belief that technology is the future of all non-banking financial services.
He pointed out that FRA IS focusing on institutionalizing innovation to ensure it becomes a sustainable, integrated system rather than an individual approach. This strategic focus prompted FRA to launch initiatives like the Regulatory Sandbox to support emerging ideas and help transform innovations into viable projects.
He noted that what distinguishes the competition is the participation of teams from various governorates, not just Cairo, which provided a rich diversity of ideas. The Authority considers this a pillar for developing markets and innovating new solutions that meet the needs of all segments of society.
Dr. Farid emphasized that entrepreneurship requires accepting failure as a necessary step for gaining experience. He explained that the Authority is open to dialogue with entrepreneurs, helping them transform their innovations into real projects through guidance, clarification of regulatory rules and facilitated access to financing.
FRA Chairman concluded by affirming that innovation and entrepreneurship are not just means for growth, but also a mechanism for risk management. He said that the Authority’s interaction with new ideas helps to guide them in a way that aligns with regulatory requirements and maintains market stability.
Dr. Farid wrapped up his speech with a direct message to entrepreneurs. He acknowledged the pressures and challenges they face in launching and marketing ideas but affirmed FRA’s unwavering belief in their ability to succeed. He highlighted the Authority’s role in helping them turn these ideas into reality, emphasizing that innovation is a necessity in a world with escalating competition.
On the other hand, Kareem Younes, Managing Partner at Mercatura Forum, expressed his enthusiasm for the partnership between the World Computer Hacker League and FRA’s Regulatory Sandbox. He noted that this collaboration brilliantly merges innovation with regulatory vision, allowing top developers to test and launch pioneering blockchain solutions that balance creativity with compliance. The partnership, he said, enables FRA to get an early look at new technologies and their market impact, solidifying Egypt’s position as a regional leader in the digital economy. Younes clarified that only about 5,000 people worldwide know the technology used in the competition, a number that includes individuals in Egypt.
Eng. Ahmed Khalifa, Executive Director of the Regulatory Sandbox and Chief Data Officer, affirmed that the Sandbox has become a powerful tool for driving technological development in the non-banking financial sector. He explained that its creation reflected a strategic shift toward integrating technology with regulatory work. No longer just a set of regulations, the Sandbox is a tangible reality that provides a safe and disciplined space for startups and entrepreneurs to experiment and develop their innovative solutions.
In this context, Khalifa urged various stakeholders in fintech sector – from startups and major institutions to independent developers – to engage with the Regulatory Sandbox and benefit from the support it provides. He stressed that the platform’s main goal is to build trust between innovators and regulatory bodies, transforming innovations into institutional projects capable of making a tangible market impact while supporting the stability and sustainable growth of non-banking financial sector.
During FRA Fintech Forum 2025, Dr. Farid highlighted the services offered by FRA Sandbox platform (frasandbox.com) which includes the Regulatory Sandbox itself, innovation programs and competitions (hackathons), as well as regulatory guidance. Dr. Farid also launched the first hackathon competition, in partnership with Mercatura Forum which will have three stages: a national stage in August, a continental stage in September and a global stage in October. The application process will open on August 1st with a total prize pool of up to $300,000.
It is worth mentioning that Mercatura Forum is a leading platform in Egypt and the MENA region that builds and invests in Web3 projects, helping entrepreneurs turn innovative ideas into real companies. As a “venture studio,” it does not just provide financial investments but also participates in building projects with founders, offering continuous support, teams and strategies. Meanwhile, DFINITY is the largest non-profit blockchain research organization, responsible for the Internet Computer Protocol where applications and artificial intelligence are hosted entirely on a decentralized network.
Last modified: September 2, 2025