Egypt’s Financial Regulatory Authority reports over 1.7 million digital verification checks and 862,000 digital contracts

Egypt’s Financial Regulatory Authority (FRA) Chair Islam Azzam reported increased use of digital financial services at the Cairo ICT technology exhibition and conference. More than 1.727 million electronic know your customer (e-KYC) checks and approximately 862,000 digital contracts had been recorded across capital markets, insurance and nonbank finance by the end of October 2026. The corresponding totals at the end of 2025 were 354,000 checks and 190,000 contracts. The expansion follows the development of rules governing digital identification, contracts and records, supported by information security requirements. Existing obligations include periodic penetration testing and reporting to the FRA, while cybersecurity insurance is a condition for retaining a license. The FRA Sandbox has received 67 projects and granted preliminary acceptance to 11, including two that have progressed to live testing before market deployment. Azzam also provided an update on plans outlined in September for artificial intelligence (AI), electronic connections with supervised firms and shared fraud information. Work under study includes broader use of AI to analyze data and detect emerging risks, alongside a central system for exchanging fraud information across sectors. These developments would rely on electronic links with all supervised entities to obtain data daily and in real time. Some analytical results would be made available to the market to support business decisions and the development of insurance and financing products.