- The FRA has launched a regulatory sandbox to guide fintech startups in the non-bank financial sector, thereby fostering innovation under regulatory oversight.
- Enactment of Law No. 5 of 2022 and executive decisions to digitize non-bank financial transactions, with emphasis on KYC and digital identity.
- The FRA presented its role in digital finance, engaging the public through workshops and discussions on non-bank financial services.
Egyptian Financial Regulatory Authority (FRA), highlighted its commitment to accelerating digital transformation in the Egyptian non-bank financial sector.
Speaking at the Cairo ICT Exhibition and Conference, FRA President Mohamed Farid highlighted the authority’s efforts. The main objective of the authority is to create a favorable regulatory environment for fintech innovation.
Regulatory sandbox for Fintech
Farid announced the launch of the FRA regulatory sandbox, aimed at supporting startups offering innovative solutions in the non-bank financial sector.
This sandbox provides startups with guidance and oversight, encouraging innovation in a controlled environment while fostering digital solutions.
Among the Egyptian companies that are driving significant changes in the Egyptian financial ecosystem: Fawry, Paymob, MNT-Halan, Silver Fellowsand Paysky.
Key legislative initiatives for Fintech
Farid presented the FRA’s recent initiatives, including the development of a clear regulatory framework aimed at digitalizing non-bank financial transactions.
Key milestones include the enactment of Law No. 5 of 2022 and related executive decisions, which govern the use of technology, Know Your Customer (KYC) protocols and digital identity verification.
These efforts align with Egypt Vision 2030 objectives of creating a knowledge-based digital economy and promoting financial inclusion.
FRA participation in Cairo ICT exhibition
During the event, Prime Minister Mostafa Madbouly, Minister of Communications Amr Talaat and Minister of Higher Education Ayman Ashour visited the FRA pavilion.
The presence of the FRA at Cairo ICT The exhibition spans several days, offering workshops and panel discussions on digital finance. These events highlighted the authority’s role in raising public awareness of the benefits of non-bank financial services.
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