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Ahmed Adly believes that Egypt no longer lacks legal frameworks for financial technology, but the challenge lies in updating this framework at the speed imposed by innovation. The article calls for flexible, risk-based regulation, with greater attention to data protection and artificial intelligence.
The Financial Regulatory Authority issued two decisions requiring consumer finance providers and providers financing small, medium-sized and micro enterprises to update financing data with I-Score in real time, giving them three months to complete the electronic connection after the decisions are published and enter into force.
The first annual FRA-Sandbox Summit reviewed the results of a year of work by the regulatory laboratory for non-bank financial fintech, including receiving 49 projects, granting preliminary approval to 9 projects, and moving two projects to live testing. In the next phase, the authority is focusing on artificial intelligence and digital analytics solutions while tightening compliance and data protection requirements.