Latest news with #MohamedFarid
Fintech News ME
2 days ago
- Business
- Fintech News ME
Egypt Licenses 16 Fintech Firms to Boost Nonbanking Sector Digitisation
Sixteen companies have received fintech licenses from Egypt's Financial Regulatory Authority (FRA) to support the digital transformation of the nonbanking financial sector, FRA Chairperson Mohamed Farid said on Monday (May 26). Four companies are currently registered to offer outsourcing services, with more expected to follow. Speaking at the Caisec25 information security and cybersecurity conference in Cairo, Farid said around 110 institutions now meet the FRA's cybersecurity requirements. He noted, however, that the FRA oversees more than 3,500 entities across various financial activities. The four outsourcing firms operate under a dedicated FRA registry and provide electronic identification, verification, and authentication; digital customer onboarding; electronic contracting; and digital record storage and retrieval. Farid said the FRA aims to build a secure environment that strengthens the nonbanking sector's role in the economy. 'As the regulator of the nonbanking financial sector, which includes capital markets, insurance, and financing activities, the Authority places significant importance on cybersecurity,' he said. 'This involves developing policies and systems to protect customer data and ensure market stability.' He added that the FRA recognises cyberattacks and data breaches as major threats. 'The accelerating pace of digital transformation creates opportunities but also increases cyber risks,' he said. 'This requires urgent development of policies and systems that support sound fintech governance.' Farid also pointed to rapid developments in artificial intelligence, saying institutions must be prepared to manage associated risks and recover from disruptions. 'We need a resilient nonbanking sector that can use technology effectively while handling risks efficiently.' He said building technical capabilities must be matched by improving workforce skills. 'The human element remains central. Specialists in cybersecurity must ensure continuous and comprehensive training for staff.' This follows a recent push by the FRA to digitise financial services, driven by executive decisions under Law No. 5 of 2022, which provides a legal framework for using technology in nonbanking finance.
Zawya
27-05-2025
- Business
- Zawya
16 FinTech firms licensed, leading digital transformation in non-banking sector: Egypt's FRA
Egypt - Sixteen companies have obtained financial technology (FinTech) licences from Egypt's Financial Regulatory Authority (FRA) and are spearheading digital transformation efforts in the non-banking sector, its chairperson Mohamed Farid said on Monday. Four companies currently offer outsourcing services and are registered with the authority, with new entrants anticipated, Farid stated. Speaking at the fourth edition of Caisec25, an information security and cybersecurity conference and exhibition in Cairo, Farid said that approximately 110 institutions and entities currently comply with the FRA's cybersecurity requirements. He noted, however, that the total number of companies and institutions under the FRA's supervision across various activities and markets exceeds 3,500. Farid added that four companies currently provide outsourcing services, with significant potential for this number to grow into the dozens. 'These companies are listed in a special FRA registry and conduct electronic identification, verification, and authentication; electronic customer identification; electronic contracting for non-banking financial products; and electronic registration, storage, and retrieval from digital records,' he detailed. In his conference address, Farid outlined the FRA's ongoing efforts to foster a secure and stable environment that strengthens the non-banking financial sector's contribution to the national economy. This is part of its continuous endeavour to implement all necessary measures and policies to protect customer data and ensure market stability. 'The Authority, as the regulator of the non-banking financial sector—which encompasses the capital market, insurance activities, and non-banking financing activities—places significant importance on cybersecurity,' Farid stated. 'This involves developing policies and systems to protect customer data, thereby ensuring market stability, a key role for any financial sector regulator.' He emphasised that the FRA is working to create a secure data environment and stable markets for non-banking financial institutions, aiming to bolster the non-banking financial sector's role in the national economy. Farid added that the regulatory framework established by the FRA primarily recognises that 'cyberattacks and database breaches have become the new battleground.' Therefore, enhancing cybersecurity measures is crucial, 'especially given the accelerating pace of digital transformation across all sectors, which, while creating new opportunities, also generates increased cyber threats,' he said. He explained that this 'necessitates swift action to develop policies and operational systems that strengthen FinTech governance and ensure non-banking financial institutions utilise these technologies in a manner that promotes market stability.' The FRA chairperson noted the 'rapid and revolutionary pace of development in artificial intelligence (AI),' stressing the importance of enhancing the recovery capabilities of institutions and markets, particularly as development inherently involves risks. He advocated for increased preparedness to ensure 'a resilient non-banking financial sector capable of leveraging technological advancements and managing associated risks more efficiently and effectively.' Farid also highlighted that 'technological capability development must go hand-in-hand with enhancing human resource efficiency to achieve desired objectives and bridge information gaps.' He explained that 'the human element remains paramount in corporate business models,' and consequently, 'specialists in electronic and cybersecurity technologies and innovations must focus on providing extensive, varied, and continuous training for personnel.' The FRA chairperson affirmed that such training has become essential following the recent acceleration in the digitisation of non-banking financial transactions. This acceleration was spurred by the FRA's issuance of a package of executive decisions to implement Law No. 5 of 2022, which provides the regulatory and legislative framework for organising and promoting the use of technology in non-banking financial activities and services. He continued: 'The Financial Regulatory Authority issued Decision No. 139 of 2023 concerning the technological equipment, infrastructure, information systems, and protection and security measures necessary for using FinTech to conduct non-banking financial activities. This was followed by Decision No. 140 of 2023, regarding digital identity, digital contracts, digital registries, and the scope of FinTech use in non-banking financial activities, along with compliance requirements. This latter decision is considered the first regulatory directive from financial sector supervisory bodies to detail requirements for electronic customer identification. Furthermore, Decision No. 141 of 2023 pertains to the outsourcing registry for FinTech in non-banking financial activities, specifying companies authorised to provide electronic customer identification and contract record services to financial firms in the sector.'
Daily News Egypt
27-05-2025
- Business
- Daily News Egypt
16 FinTech firms licensed, leading digital transformation in non-banking sector: Egypt's FRA
Sixteen companies have obtained financial technology (FinTech) licences from Egypt's Financial Regulatory Authority (FRA) and are spearheading digital transformation efforts in the non-banking sector, its chairperson Mohamed Farid said on Monday. Four companies currently offer outsourcing services and are registered with the authority, with new entrants anticipated, Farid stated. Speaking at the fourth edition of Caisec25, an information security and cybersecurity conference and exhibition in Cairo, Farid said that approximately 110 institutions and entities currently comply with the FRA's cybersecurity requirements. He noted, however, that the total number of companies and institutions under the FRA's supervision across various activities and markets exceeds 3,500. Farid added that four companies currently provide outsourcing services, with significant potential for this number to grow into the dozens. 'These companies are listed in a special FRA registry and conduct electronic identification, verification, and authentication; electronic customer identification; electronic contracting for non-banking financial products; and electronic registration, storage, and retrieval from digital records,' he detailed. In his conference address, Farid outlined the FRA's ongoing efforts to foster a secure and stable environment that strengthens the non-banking financial sector's contribution to the national economy. This is part of its continuous endeavour to implement all necessary measures and policies to protect customer data and ensure market stability. 'The Authority, as the regulator of the non-banking financial sector—which encompasses the capital market, insurance activities, and non-banking financing activities—places significant importance on cybersecurity,' Farid stated. 'This involves developing policies and systems to protect customer data, thereby ensuring market stability, a key role for any financial sector regulator.' He emphasised that the FRA is working to create a secure data environment and stable markets for non-banking financial institutions, aiming to bolster the non-banking financial sector's role in the national economy. Farid added that the regulatory framework established by the FRA primarily recognises that 'cyberattacks and database breaches have become the new battleground.' Therefore, enhancing cybersecurity measures is crucial, 'especially given the accelerating pace of digital transformation across all sectors, which, while creating new opportunities, also generates increased cyber threats,' he said. He explained that this 'necessitates swift action to develop policies and operational systems that strengthen FinTech governance and ensure non-banking financial institutions utilise these technologies in a manner that promotes market stability.' The FRA chairperson noted the 'rapid and revolutionary pace of development in artificial intelligence (AI),' stressing the importance of enhancing the recovery capabilities of institutions and markets, particularly as development inherently involves risks. He advocated for increased preparedness to ensure 'a resilient non-banking financial sector capable of leveraging technological advancements and managing associated risks more efficiently and effectively.' Farid also highlighted that 'technological capability development must go hand-in-hand with enhancing human resource efficiency to achieve desired objectives and bridge information gaps.' He explained that 'the human element remains paramount in corporate business models,' and consequently, 'specialists in electronic and cybersecurity technologies and innovations must focus on providing extensive, varied, and continuous training for personnel.' The FRA chairperson affirmed that such training has become essential following the recent acceleration in the digitisation of non-banking financial transactions. This acceleration was spurred by the FRA's issuance of a package of executive decisions to implement Law No. 5 of 2022, which provides the regulatory and legislative framework for organising and promoting the use of technology in non-banking financial activities and services. He continued: 'The Financial Regulatory Authority issued Decision No. 139 of 2023 concerning the technological equipment, infrastructure, information systems, and protection and security measures necessary for using FinTech to conduct non-banking financial activities. This was followed by Decision No. 140 of 2023, regarding digital identity, digital contracts, digital registries, and the scope of FinTech use in non-banking financial activities, along with compliance requirements. This latter decision is considered the first regulatory directive from financial sector supervisory bodies to detail requirements for electronic customer identification. Furthermore, Decision No. 141 of 2023 pertains to the outsourcing registry for FinTech in non-banking financial activities, specifying companies authorised to provide electronic customer identification and contract record services to financial firms in the sector.'
Zawya
26-05-2025
- Business
- Zawya
Egypt's FRA to propose bylaw amendments enabling digital arbitration
Egypt - Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), delivered the keynote address at the inaugural 'Egyptian Arbitration Day,' organized by the Egyptian Center for Voluntary Arbitration and Non-Banking Financial Dispute Resolution under the theme 'Bridging Business with Solutions and Facilitation.' In his remarks, Farid underscored the Center's pivotal role in fostering a culture of arbitration and expanding the use of mediation to resolve disputes in Egypt's non-banking financial sector. He praised the Center's diverse roster of seasoned arbitrators and its broad suite of services, highlighting its growing importance in enhancing market trust. Farid announced that the FRA will soon propose amendments to the Center's bylaws—subject to approval by the Prime Minister—to formally introduce frameworks supporting digital arbitration. These reforms aim to streamline the dispute resolution process through secure electronic platforms, improving speed and accessibility while preserving confidentiality. He emphasized that voluntary mediation and rapid dispute resolution are essential to building trust in non-banking financial markets, and are instrumental in fostering market stability and sustainable growth. Established by Presidential Decree No. 335 of 2019, in accordance with Article 10 of Law No. 10 of 2009 governing non-banking financial markets and instruments, the Center is recognized as a pioneering institution in Egypt and the broader Middle East. It offers confidential, efficient, and expert-led dispute resolution, reflecting the Egyptian state's commitment to legislative stability, legal clarity, and protection for all financial actors. Farid also highlighted recent positive trends in the non-banking financial services sector, including growth in financing volumes, increased market participation, and proactive regulatory initiatives. These include updates to derivatives market regulations and the launch of Egypt's first voluntary carbon credit market—developments that further underscore the need for a modern arbitration mechanism to manage emerging types of disputes. He concluded by noting that a fast, efficient, and specialized arbitration system enhances investor confidence, supports Egypt's investment climate, and contributes to sustainable economic development. From his side, Minister of Justice Adnan Fanjari affirmed the state's commitment to creating a robust and adaptive legal framework that supports investment, aligns with market dynamics, and ensures timely justice. Marian Kaldas, Executive Director of the Egyptian Center for Voluntary Arbitration, highlighted the significance of organizing the first Egyptian Arbitration Day. She described it as part of the Center's broader strategy to raise awareness about alternative dispute resolution mechanisms and promote financial literacy. Kaldas expressed confidence in Egypt's potential to become a regional hub for arbitration and dispute resolution, not only in the non-banking sector but across the wider financial landscape. She also emphasized the importance of expanding public understanding of amicable settlement tools and empowering individuals through legal education and the adoption of international best practices. She concluded by calling the event a successful first step toward advancing voluntary arbitration as a fair, efficient, and accessible path to justice in Egypt. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Daily News Egypt
25-05-2025
- Business
- Daily News Egypt
FRA to propose bylaw amendments enabling digital arbitration: Farid
Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), delivered the keynote address at the inaugural 'Egyptian Arbitration Day,' organized by the Egyptian Center for Voluntary Arbitration and Non-Banking Financial Dispute Resolution under the theme 'Bridging Business with Solutions and Facilitation.' In his remarks, Farid underscored the Center's pivotal role in fostering a culture of arbitration and expanding the use of mediation to resolve disputes in Egypt's non-banking financial sector. He praised the Center's diverse roster of seasoned arbitrators and its broad suite of services, highlighting its growing importance in enhancing market trust. Farid announced that the FRA will soon propose amendments to the Center's bylaws—subject to approval by the Prime Minister—to formally introduce frameworks supporting digital arbitration. These reforms aim to streamline the dispute resolution process through secure electronic platforms, improving speed and accessibility while preserving confidentiality. He emphasized that voluntary mediation and rapid dispute resolution are essential to building trust in non-banking financial markets, and are instrumental in fostering market stability and sustainable growth. Established by Presidential Decree No. 335 of 2019, in accordance with Article 10 of Law No. 10 of 2009 governing non-banking financial markets and instruments, the Center is recognized as a pioneering institution in Egypt and the broader Middle East. It offers confidential, efficient, and expert-led dispute resolution, reflecting the Egyptian state's commitment to legislative stability, legal clarity, and protection for all financial actors. Farid also highlighted recent positive trends in the non-banking financial services sector, including growth in financing volumes, increased market participation, and proactive regulatory initiatives. These include updates to derivatives market regulations and the launch of Egypt's first voluntary carbon credit market—developments that further underscore the need for a modern arbitration mechanism to manage emerging types of disputes. He concluded by noting that a fast, efficient, and specialized arbitration system enhances investor confidence, supports Egypt's investment climate, and contributes to sustainable economic development. From his side, Minister of Justice Adnan Fanjari affirmed the state's commitment to creating a robust and adaptive legal framework that supports investment, aligns with market dynamics, and ensures timely justice. Marian Kaldas, Executive Director of the Egyptian Center for Voluntary Arbitration, highlighted the significance of organizing the first Egyptian Arbitration Day. She described it as part of the Center's broader strategy to raise awareness about alternative dispute resolution mechanisms and promote financial literacy. Kaldas expressed confidence in Egypt's potential to become a regional hub for arbitration and dispute resolution, not only in the non-banking sector but across the wider financial landscape. She also emphasized the importance of expanding public understanding of amicable settlement tools and empowering individuals through legal education and the adoption of international best practices. She concluded by calling the event a successful first step toward advancing voluntary arbitration as a fair, efficient, and accessible path to justice in Egypt.
