Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), held strategic meetings with Turkish financial organizations during the annual Emerging and Developing Markets Committee meetings of the International Organization of Securities Commissions (IOSCO) in Türkiye. These discussions emphasized opportunities for cooperation, partnership, and expertise sharing, with a focus on financial technology, environmental developments, and the role of financial markets in managing associated risks. As Chair of IOSCO's Emerging and Developing Markets Committee and Vice President of the organization, Farid's participation underscored Egypt's commitment to advancing global financial market standards. The bilateral meetings, organized by the Egyptian Trade Representation Office in Istanbul in coordination with the Egyptian Embassy in Ankara, highlighted the significance of cross-institutional collaboration to promote development and showcase investment opportunities in Egypt. Prominent attendees included Fatma Cinar, Vice President of Turkey's Union of Takaful Banks, alongside representatives from leading Turkish financial institutions and business associations. During the discussions, Cinar announced plans for the Union's Secretary General to visit Egypt next month, aiming to strengthen ties with Egyptian financial institutions. Key topics included investment prospects in Egypt's insurance sector, particularly under the newly introduced Unified Insurance Law. Farid emphasized the law's potential to enhance the sector's efficiency and competitiveness, fostering innovation in insurance products, integrating technological advancements, and attracting foreign investment. He highlighted that these efforts align with the FRA's broader mission to support sustainable growth and improve access to non-banking financial services for all societal segments. Farid also met with representatives from organizations such as the Association of Independent Industrialists and Businessmen (MUSIAD), the FinTech Council, the Union of Chambers of Commerce of Turkey (TOBB), Albaraka Turk Bank, and the ISAS Group. These discussions underscored Egypt's forward-looking regulatory environment, the pioneering voluntary carbon market, and the immense potential in the insurance and fintech sectors. Turkish institutions expressed significant interest in investing in Egypt, with plans to organize a business delegation's visit to Egypt next year. Highlighting the voluntary carbon market, Farid described it as a groundbreaking initiative—the first to be regulated and supervised by financial market authorities—designed to support carbon neutrality goals and encourage private sector engagement in combating climate change. He noted that the market fosters sustainable finance products and strengthens the resilience of non-banking financial sectors against climate risks. Regarding financial technology, Farid underscored its transformative role in enhancing the accessibility and efficiency of non-banking financial services. He pointed out that fintech drives financial inclusion, competitiveness, and innovation, making it a cornerstone of modern financial ecosystems. Through these engagements, Farid reaffirmed the FRA's dedication to fostering strategic partnerships, advancing sustainability practices, and leveraging technology to build a robust, inclusive, and forward-thinking financial sector.
