Chairman of the Financial Regulatory Authority (FRA), Mohamed Farid, highlighted the authority’s pivotal role in advancing digital transformation within the non-banking financial sector during his participation in the Cairo ICT Exhibition and Conference.

He emphasized the FRA’s commitment to fostering a supportive regulatory environment and promoting innovative solutions in alignment with Egypt’s Vision 2030.

Farid introduced the FRA’s regulatory sandbox, designed as an incubator for startups offering cutting-edge ideas and technologies in the non-banking financial domain.

This initiative provides startups with essential support and oversight, enabling them to contribute to the sector's growth and modernization.

The FRA is actively establishing a robust regulatory and legislative framework to digitize non-banking financial transactions, making financial services more accessible and efficient for citizens.

He highlighted key initiatives such as the enactment of Law No. 5 of 2022, which governs the integration of technology into non-banking financial services, alongside several executive decisions aimed at regulating digital identity, Know Your Customer (KYC) protocols and the operations of tech-enabled firms supporting the sector’s transformation.

The chairman of FRA underscored the Authority’s participation as a platform to showcase its efforts to enhance digital finance and increase public awareness about non-banking financial services.

Through collaborations with financing companies, the capital market, and insurance firms, the FRA aims to empower individuals with knowledge of these services and their potential to improve living standards.