Chairperson of the Financial Regulatory Authority (FRA) Mohamed Farid said that technology has become a fundamental pillar in the path of achieving financial inclusion. The whole world, including Egypt, strives to enhance technological applications to facilitate access to financing, investment, and savings services.
Farid’s remarks came during his participation in the Cairo ICT 2022 conference on Monday.
He continued: “Access to financial and financing services has become faster thanks to technological applications.” He went on to explain that the Egyptian society is young and is looking forward to accessing these services for savings, investment and financing purposes, which could support the achievement of the goals of investment inclusion.
He added that over the past months, amendments were made to the procedures to protect users’ accounts to allow companies working in the field of securities brokerage to use technological techniques to open accounts according to protective procedures and controls organized by the Authority. This aims to ensure the protection of the rights of customers and achieve stability for companies.
He stressed that developing the regulatory capabilities of regulatory authorities is crucial for keeping pace with the changes taking place in the markets, as the risk-based control model is now being adopted and implemented. He noted that it can only be achieved by qualifying professional cadres in various non-banking financial activities.
Farid indicated that the FRA adopts and implements an ambitious vision to facilitate the business environment by using all advanced technological techniques that help achieve the goals of financial inclusion and digital transformation and support the goals of economic and social development plans.