Egypt's Financial Regulatory Authority (FRA) is advancing a comprehensive digitalisation strategy to integrate fintech across non-banking financial services (NBFS), with the aim of boosting efficiency, attracting investment, and aligning with global digital finance trends. FRA Chairman Mohamed Farid outlined the initiative during the FRA Fintech Forum 2025 on Tuesday. Currently, 70 NBFS companies are preparing to launch digital services, while 24 firms are already operating fully online. Additionally, seven companies provide digital outsourcing solutions, over 80,000 digital contracts have been issued, and 120,000 digital verifications completed—60 per cent of which were within the capital market sector. Farid stressed that digitalisation is a cornerstone of global economic development, noting that 80 per cent of adults now use digital financial services and more than 60 countries have introduced digital finance platforms. He added that Egypt has a strong competitive edge thanks to high smartphone penetration and a tech-savvy youth demographic. He traced the FRA's digital transformation journey back to the early 2010s, highlighting reforms in information technology and cybersecurity that culminated in Law No. 5 of 2022, which paved the way for fintech integration into NBFS. Subsequent regulatory measures addressed digital identity, contract digitisation, robo-advisory services, licensing, and capital requirements—allowing market entry with as little as 15 million Egyptian pounds. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
