Egypt Financial Regulatory Authority to host July fintech forum and prepare Basel III rollout for non-banking finance companies

During a meeting with Prime Minister Mostafa Madbouly, the Egypt Financial Regulatory Authority outlined upcoming initiatives for the non-banking financial sector, including a fintech forum in July focused on how legislation can accelerate digital transformation and support funding for regulated start-ups. The forum, titled “Legislation to Promote Financing and Growth”, will review the Authority’s digital transformation efforts and the laws and regulatory rules issued to speed digitisation across non-banking financial activities. It will also present licensed-firm success stories, including companies that attracted multi-million-dollar funding, and include participation from venture capital firms and other investors interested in technology-enabled non-banking finance. The Authority also referenced decisions and regulations implementing the Unified Insurance Law (Law No. 155 of 2024), including higher insurance company capital, investment limits and ratios for insurers’ and insurance funds’ assets, and expanded insurance coverages, and flagged a forthcoming review of insurance coverage for government buildings. The Authority indicated it is close to applying Basel III standards to non-banking finance companies to assess capital adequacy against credit, operational and market risks and to strengthen solvency in line with international practices.