CAIRO - 18 November 2024: Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), emphasized the authority’s central role in driving digital transformation within the non-banking financial sector during the Cairo ICT Exhibition and Conference.
He reaffirmed the FRA’s dedication to creating a supportive regulatory environment and advancing innovative solutions in line with Egypt’s Vision 2030.
Farid showcased the FRA’s regulatory sandbox, an initiative designed to nurture startups with innovative technologies and ideas in the non-banking financial sector.
By providing support and oversight, this platform aims to drive modernization and growth within the industry.
The FRA continues to build a comprehensive regulatory and legislative framework to digitize non-banking financial transactions, ensuring financial services are more accessible and efficient for all citizens.
Key measures include the enactment of Law No. 5 of 2022, which integrates technology into non-banking financial activities, along with executive decisions focusing on digital identity, Know Your Customer (KYC) protocols, and the operations of tech-enabled firms facilitating the sector’s transformation.
Farid highlighted the FRA’s participation in Cairo ICT as an opportunity to showcase its efforts to promote digital finance and raise public awareness about non-banking financial services.
By collaborating with financing companies, the capital market, and insurance firms, the FRA seeks to empower individuals with the knowledge to leverage these services and enhance their living standards.
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