Egypt Financial Regulatory Authority highlights completed FinTech regulatory framework and anti-fraud priorities at youth financial inclusion summit

The Egypt Financial Regulatory Authority (FRA) published an update on a panel intervention by Assistant Chairman Mohamed Abdel Aziz at the “Digital transformation and financial literacy in the non-banking financial sector” session of the third Youth Financial and Digital Inclusion Summit “Generation 2030”. He urged young people to adopt saving and financial planning habits, use only regulated investment channels, and treat financial literacy as a core safeguard against harmful practices and fraud. The intervention restated the FRA’s supervisory remit over non-banking financial activities including the capital market, insurance, mortgage finance, consumer finance, financial leasing, factoring, and financing for small, medium and micro enterprises. It also set out the FRA’s position that financial inclusion depends on knowledge and learning as well as access, and noted that the authority has completed a regulatory framework for financial technology (FinTech) to support technology-based business models and enable digital-startup opportunities. The update also pointed to continuing joint work with the Ministry of Youth and Sports under an existing cooperation protocol, including the Y Champions competition that encourages youth to produce short videos explaining non-banking financial activities.