FRA Launches Regulatory Sandbox To Support Fintech Startups In Non-Banking Financial Sector: Farid
Date
11/23/2024 3:23:21 AM
(MENAFN- Daily News Egypt) Mohamed Farid, Chairperson of the financial Regulatory Authority (FRA), has highlighted the authority's efforts to accelerate digital transformation in the non-banking financial sector and foster a supportive regulatory environment during the Cairo ICT exhibition and Conference.
He also shed the light on the authority's launching of a regulatory sandbox for the non-banking financial sector. This sandbox serves as an incubator for startups offering innovative solutions and ideas in the non-banking financial domain, providing them with support and oversight.
Farid outlined the FRA's initiatives to establish a clear and comprehensive regulatory and legislative framework aimed at digitizing non-banking financial transactions. These efforts align with Egypt's Vision 2030, which seeks to build a knowledge-based digital economy and enhance citizens' access to non-banking financial services more efficiently.
Speaking at the event, Farid emphasized the FRA's participation in Cairo ICT as an opportunity to spotlight its role in driving digital transformation within Egypt's economy. He noted that the authority, alongside its regulated entities-including financing companies, the capital market, and insurance firms-aims to raise public awareness about non-banking financial services, their benefits, and how to access them to improve living standards.
Farid detailed several key steps taken by the FRA to digitize financial transactions. These include the enactment of Law No. 5 of 2022, which regulates the use of technology in non-banking financial activities and services, as well as the issuance of related executive decisions such as Decision No. 58, Decision No. 139 of 2023, Decision No. 140 of 2023, and Decision No. 141 of 2023. These regulations govern digital identity, Know Your Customer (KYC) protocols and the operations of firms that assist non-banking financial institutions in their digital transformation.
Farid stressed the authority's commitment to leveraging digital technology to achieve financial inclusion goals while enhancing supervisory and regulatory technologies to ensure the stability of non-banking financial markets.
Prime Minister Mostafa Madbouly, Minister of Communications and Information Technology Amr Talaat, and Minister of Higher Education Ayman Ashour visited the FRA pavilion at the exhibition.
The FRA's participation in the Cairo ICT Expo extends over the next three days, featuring involvement in workshops and panel discussions focused on digital transformation and financial literacy efforts. This engagement underscores the authority's dedication to advancing digital finance and raising awareness about its benefits for the broader economy.
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