Egypt’s Financial Regulatory Authority (FRA) published remarks by its chair, Mohamed Farid, from the FRA Fintech Forum 2025, setting out the regulator’s priorities for accelerating digital transformation across non-banking financial activities. He framed the key supervisory challenge as balancing market opening and growth with maintaining market stability, and positioned fintech enablement as central to expanding access and supporting long-term savings and investment. Farid highlighted the FRA’s focus on end-to-end digitisation supported by robust platform infrastructure, cybersecurity controls, and service continuity capacity. He pointed to an integrated approach based on electronic identity verification, digital contracts, and linking identity data to mobile numbers, citing FRA data showing more than 200,000 new accounts in gold investment funds over one year and investments exceeding EGP 2 bn. The remarks also recapped the existing regulatory framework, including Fintech Law No. 5 of 2022, Decision No. 58 of 2022 on licensing and approvals for fintech-enabled non-banking activities, Decision No. 139 of 2023 on technology and information security requirements, Decision No. 140 of 2023 on digital identity and digital contracting (including detailed e-KYC requirements), and Decision No. 141 of 2023 establishing an outsourcing register for fintech service providers. He also described a collaborative approach to supporting fintech startups, including more flexible licensing pathways and lower early-stage regulatory costs, alongside capacity-building and financing initiatives with international development finance institutions. On crowdfunding, the FRA reported it is finalising investment-enabling legislative and regulatory frameworks and is close to agreeing a flexible model, following stakeholder meetings to prepare the issuance of the relevant rules.
Egypt Financial Regulatory Authority 2025-07-22
Egypt Financial Regulatory Authority outlines non-banking fintech digitalisation agenda and signals forthcoming flexible crowdfunding framework
Egypt’s Financial Regulatory Authority (FRA) outlined priorities for digital transformation in non-banking financial activities, emphasizing fintech enablement to expand access and support savings and investment. Chair Mohamed Farid highlighted the FRA's focus on digitization, cybersecurity, and service continuity, supported by frameworks like Fintech Law No. 5 of 2022 and recent decisions on technology, digital identity, and outsourcing. The FRA is also advancing crowdfunding frameworks and supporting fintech startups with flexible licensing and reduced regulatory costs.