Sixteen companies have secured FinTech licenses from Egypt’s Financial Regulatory Authority (FRA), leading digital innovation in the country’s non-banking financial sector, FRA Chairperson Mohamed Farid announced. Four firms currently offer outsourcing services related to electronic identification, contracting, and digital records, with growth expected.
Speaking at the Caisec25 cybersecurity conference in Cairo, Farid highlighted that about 110 institutions comply with FRA’s cybersecurity standards amid a supervision portfolio exceeding 3,500 entities. He emphasized FRA’s commitment to protecting customer data and ensuring market stability by developing robust policies addressing the rising cyber threats that accompany rapid digital transformation.
Farid underscored the importance of enhancing FinTech governance and institutional resilience, especially amid revolutionary advances in artificial intelligence (AI). He called for strengthening recovery capabilities and human resource efficiency, noting that specialized cybersecurity training is critical as non-banking financial transactions accelerate digitally.
The FRA recently issued key executive decisions under Law No. 5 of 2022 to regulate FinTech use, covering technological infrastructure, digital identity, electronic contracts, digital registries, and outsourcing registries for FinTech providers. These measures set a comprehensive framework to govern electronic customer identification and digital services in Egypt’s non-banking financial activities.
