The Financial Regulatory Authority (FRA) issued three decisions to outline the digital transformation of the non-banking financial sector in Egypt. The decisions includes the requirements of equipment, technological infrastructure, information systems and means of protection and insurance, and the requirements for establishing digital identity, digital contracts and digital records, and allowing the establishment of a registry to register outsourcing service providers. The Authority called on existing or new companies to apply for digital non-banking financial services licence. Mohamed Farid, the FRA Chairperson, said that the issuance of the package of executive decisions came to activate Law No. 5 of 2022 to regulate the use of financial technology and harness the potential of financial technology that enhances the capabilities of the non-banking financial sector, and achieve insurance, investment and financing inclusion, and supports Egypt’s vision to achieve financial inclusion and digital transformation. Ahmed Abou El Saad, Managing Director of Azimut Egypt, said that the company is ready to submit a complete file to the Authority for its approval regarding the start of activating the full technological use of its electronic application, which represents a new technological leap in the industry of investment funds as the first electronic platform for investment […]
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