Financial Regulation Backs Entrepreneurship, Says Egypt's FRA Chairperson
Date
11/30/2024 11:04:18 PM
(MENAFN- Daily News Egypt) The financial Regulatory Authority (FRA) is actively supporting entrepreneurship in Egypt through regulatory changes designed to foster growth in the non-banking financial sector, Chairperson Mohamed Farid announced at an event Tuesday. The announcement was made during a meeting hosted by the American Chamber of Commerce in Cairo to launch a new Entrepreneurship and Innovation Committee.
The event was attended by key figures including Rania Al-Mashat, Minister of Planning and International Cooperation, and Amr El-Abd, Advisor to the Prime Minister for Entrepreneurship, along with representatives from the Egyptian startup ecosystem.
In his address, Farid stressed the crucial role of innovation and entrepreneurship in boosting competitiveness and development, especially in emerging markets. He emphasised the FRA's dedication to creating a supportive environment for startups and entrepreneurs.
“Innovation and entrepreneurship are key drivers for enhancing both competitive and developmental capacities, particularly in developing economies, as they offer vital solutions,” Farid said.
Farid detailed several steps the FRA has taken to facilitate growth within the sector, focusing on non-banking financial solutions. This includes creating financial valuation standards specifically designed for startups' unique business models. Significantly, the FRA has lowered the minimum capital requirement for fintech startups to EGP 15m, a reduction from the EGP 75m required for traditional non-banking financial companies.
Farid further clarified the FRA's overarching goals, stating that its vision focuses on advancing financial inclusion and digital transformation while maintaining financial stability within the non-banking sector and protecting the interests of all stakeholders.
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