July 13th, 2023 Legal Updates

Digital Transformation in Egypt

Egypt is witnessing a new technological era with the issuance of a bundle of decrees by the Financial Regulatory Authority (“FRA”). In line with the technological advancement and digitalization of the government, the FRA decrees mainly aims at enforcing Law No. 5 of 2022 and commencing the digitalization process of the non-banking financial sector. The FRA decrees encourages the establishment of companies to operate in such sector, facilitates the licensing processes in relation to such sector and safeguarding the operators.

Stay tuned for further details on the new FRA decisions regulating the non-banking financial activities.

Author: Maha El Meihy, Legal Director