Egypt Fintech: Law regulates use of technology in non-bank financial activities

CAIRO – 10 July 2022: The Egyptian law regulating and developing the use of financial technology in non-bank financial activities is one of the legislative achievements of the House of Representatives headed by Counselor Dr. Hanafi Jabali, during the second session of the second legislative term.

This law comes within the field of promoting the national economy and advancing its capabilities.

It also comes within the framework of enhancing financial inclusion and working to expand the base of beneficiaries of non-bank financial activities, raise their efficiency, and reduce the costs necessary to benefit from these activities and services.

The law aims to enhance the use of the Financial Supervisory Authority, over the entities that engage in non-banking financial activities with modern and innovative technology, with the aim of facilitating the performance of its supervisory role over the entities subject to it, with regard to compliance with standards of transparency and governance.

The law also works to protect dealers in non-banking financial markets and to adopt modern and innovative technological tools to facilitate dealing with the non-banking financial sector. It also works within the framework of ensuring the use of artificial intelligence mechanisms and other digital models to detect facts that constitute violations of laws regulating non-bank financial activities.