Dr. Mustafa Madbouly, Prime Minister, inspected in the presence of Dr. Amr Talaat, Minister of Communications and Information Technology, and Dr. Ayman Ashour, Minister of Higher Education and Scientific Research, where Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, gave a presentation that included efforts to accelerate the pace of digital transformation in the non-banking financial sector and provide an environment Conducive regulatory framework to support digital transformation.
Dr. Farid reviewed the Authority’s efforts to develop the first clear and integrated regulatory and legislative framework to accelerate the pace of digitization of non-banking financial transactions in support of the Egyptian government’s efforts and Egypt’s Vision 2030 to build a knowledge-based digital economy in order to facilitate, accelerate and facilitate citizens’ access to non-banking financial services.
Dr. Farid indicated that participation in the Cairo ICT Exhibition and Conference comes to shed light on the efforts aimed at driving digital transformation in the Egyptian economy, noting that the Authority participates through the entities subject to its control and supervision, as well as financing, capital market and insurance companies, in order to introduce the community to non-banking financial services and their benefits. How to benefit from it, access it and obtain it in a way that contributes to improving people’s living conditions.
While Dr. Farid gave a presentation in which he touched on all the efforts made by the Authority to accelerate the pace of digitization of non-banking financial transactions, starting with the issuance and approval of Law No. 5 of 2022 regulating the use of technology in non-banking financial activities and services, as well as issuing executive decisions and regulations, including Resolution No. 58, Resolution 139 of 2023, Resolution 140 of 2023, and Resolution 141 of 2023, as well as the organization for digital identity and know your customer, as well as regulating the work of companies that It helps companies and non-banking financial institutions go digital.
Dr. Farid referred to the regulatory laboratory launched by the Financial Regulatory Authority as well as a laboratory for the non-banking financial sector that supports, supports and sponsors emerging companies that possess pioneering solutions and ideas in the non-banking financial fields.
Dr. Farid, Head of Financial Supervision, confirmed that the Authority attaches utmost importance to digital transformation and technology as a basis for achieving financial inclusion goals, as well as relying on regulatory and supervisory technology to enhance the stability of non-banking financial markets.
The General Authority for Supervision will continue its participation in the activities of the Cairo International Technology Fair over the next three days by participating in several workshops and discussion sessions on digital transformation efforts and financial culture.
