The Chairman of Egypt's Financial Regulatory Authority (FRA), Mohamed Farid, reaffirmed the country's commitment to reforming its non-banking financial sector and boosting investor confidence. In his keynote speech at Egypt Day, held at the London Stock Exchange, Farid outlined the FRA's role in advancing Egypt's Vision 2030 by driving private sector growth and implementing structural reforms. He emphasised that digital transformation remains central to this agenda, with the FRA introducing fintech regulations, strengthening investor protection, and promoting innovation across the sector. The event was part of a business promotion tour organised by the British Egyptian Business Association (BEBA) under the theme Egypt's New Era: Investment Opportunities. He also highlighted the launch of Egypt and Africa's first regulated voluntary carbon market in August 2024, describing it as a significant step towards attracting climate-related investment and reinforcing Egypt's position in sustainable finance. However, he warned that limited access to funding could impede progress, pointing to Africa's annual $100 billion climate finance gap. Farid underscored the FRA's focus on market stability, transparency, and inclusion, citing reforms such as updated accounting standards, the rollout of a digital identity system, and new tools to broaden financial access. He noted that over 200,000 new accounts had been opened in gold investment funds within a year, with total investments exceeding 2 billion Egyptian pounds. The FRA has also approved the listing of Egypt's first Special Purpose Acquisition Company (SPAC), targeting fintech and non-banking financial services, and issued new valuation standards to help startups attract funding aligned with their growth models, he added. Additional initiatives are in progress, including regulations for crowdfunding and digital real estate investment platforms, as part of broader efforts to diversify financial instruments and encourage private investment, he said. Farid concluded by stressing the FRA's commitment to stable, flexible, and transparent regulatory policies that enhance the competitiveness of Egypt's financial markets and support investment-led growth. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
