The Financial Regulatory Authority (FRA) has issued three executive decisions to enable the digital transformation of the non-banking financial sector. 5 of 2022, which regulates the use of financial technology and leverages its potential to enhance the capabilities of the non-banking financial sector and support Egypt’s vision of financial inclusion and digital transformation. Some companies have already started to implement financial technology in their services. Another company that has obtained FRA’s approval to launch a financial technology service is Web Advisors, which is a subsidiary of Mubasher. The issuance of financial technology legislation is expected to have a significant impact on improving economic conditions and providing new investment opportunities in various fields.
