Cairo: Egypt's Financial Regulatory Authority (FRA) plans to roll out the country's first electronic payment platform for non-bank financial institutions, FRA Chairman Mohamed Farid announced at the Cairo ICT Summit.

According to State Information Service Egypt, the platform, developed in partnership with e-Finance and e-Tax, will enable all companies under FRA supervision to pay fees digitally and provide instant invoice verification for factoring firms. This initiative aims to reduce fraud and improve operational efficiency within the sector.

Farid highlighted that the FRA's broader digital roadmap includes mandatory digitalization, AI-driven analytics, smart data integration, and electronic contracts under Law No. 5 of 2022. These measures are intended to support faster and more secure financial services across the industry.

Currently, 25 out of 79 non-bank financial companies in Egypt offer fully digital services. These services are distributed across various sectors, with 6 percent in insurance, 29 percent in financing, and 65 percent in capital markets, as noted by Farid.

In a separate initiative, Farid announced the launch of Egypt's first digital fractional-ownership platform by the FRA. This platform enables citizens to invest in small shares of real estate and regulated metal funds, thereby expanding access to diversified investment opportunities.

"The Authority is laying the foundations for a modern economy that values ambitious ideas over capital, enabling legislation over traditional oversight, digital solutions over paper, and innovation over bureaucracy," FRA Chairman concluded.