Egypt's Financial Regulatory Authority (FRA) is preparing to implement Basel III capital standards across the non-bank financial sector to boost financial resilience and attract foreign investment, FRA Chairman Mohamed Farid told Prime Minister Moustafa Madbouly on Thursday. The move is part of a broader effort to modernise the country's non-banking financial services landscape, which includes insurance, capital markets, and fintech. During a high-level meeting, Farid said the FRA is intensifying work on regulatory upgrades, especially following the enactment of Egypt's Unified Insurance Law last year. New rules include higher minimum capital requirements for insurers, revised investment thresholds, and broader coverage mandates. The meeting also comes ahead of a high-profile fintech forum set for later this month, where regulators and private investors will explore how legislative and regulatory changes can unlock growth in digital financial services. "The forum will showcase how reforms are enabling startups to scale, attract capital, and drive innovation," Farid said, adding that several fintech firms licensed by the FRA have already secured multi-million-dollar investments. Egypt's government has positioned fintech as a pillar of its Vision 2030 strategy to expand financial inclusion and accelerate private sector-led growth. Prime Minister Madbouly reiterated the state's commitment to supporting the FRA's role in fostering a more dynamic and competitive non-banking financial sector. The FRA also plans to examine expanding insurance coverage for government assets and buildings, Farid noted. Egypt's capital markets have shown signs of resilience, supported by risk-based oversight and ongoing digital infrastructure upgrades, Farid said. The upcoming implementation of Basel III standards will further align Egypt's regulatory environment with global benchmarks and enhance the solvency of finance companies, he added. Attribution: Amwal Al Ghad English
