In opening remarks at the Egypt for the Best 2026 summit, Chairman Islam Azam of the Egypt Financial Regulatory Authority outlined the authority's agenda to strengthen the competitiveness of nonbank financial activities. He highlighted ongoing work to update legislative and regulatory frameworks, tighten capital, solvency and governance requirements, extend Basel III requirements to finance companies, and widen investor access through new market instruments and digital channels. Key measures cited included the first launch of a financial derivatives market in cooperation with the Egyptian Exchange and work to complete the short selling framework after years of discussion. He also pointed to expansion in the voluntary carbon market, precious metals investment funds and digital platforms for trading real estate investment fund certificates. On fintech, more than 73 companies were offering nonbank financial services through technology by the end of 2025, with about 190,000 digital contracts issued and more than 345,000 electronic know your customer checks completed. For market protection and discipline, he referenced a register for nonbank finance debt collection companies, warning and negative lists, administrative measures lists, and upgrades to complaints handling, supervision and inspection. Azam also said the authority is working with the education ministries and Egyptian universities on financial literacy and professional training, while the FRA-Sandbox granted five preliminary approvals to innovative projects in its first year. He indicated that the research competition covering capital markets, insurance and finance will be expanded next year.
Egypt Financial Regulatory Authority2026-06-30
Egypt Financial Regulatory Authority outlines nonbank finance competitiveness agenda including derivatives market launch and Basel III rollout
In a summit speech, Chairman Islam Azam of the Egypt Financial Regulatory Authority outlined the authority's competitiveness agenda for nonbank finance, centered on stronger capital, solvency and governance standards and broader investor access. He highlighted the derivatives market launch, the ongoing short selling rollout and fintech expansion, with more than 73 firms active, about 190,000 digital contracts issued and over 345,000 electronic know your customer checks completed by the end of 2025.