Egypt: Regulator reviews rules in bid to push digital transformation
Source: Middle East Insurance Review | Nov 2021
Egypt: Regulator reviews rules in bid to push digital transformation
The Financial Regulatory Authority (FRA) is making preparations for new legislation to regulate and develop FinTech in non-banking financial activities including promoting SupTech and RegTech.
This is to facilitate the FRA’s oversight role over financial entities regarding compliance with transparency standards, protecting the rights of insurance policyholders and facilitating access to insurance products.
The plan was disclosed by the FRA’s assistant to the chairman Hesham Ramadan during a workshop that was held recently in collaboration with the German Corporation for International Cooperation.
Workshop participants, who included representatives of the FRA’s technical departments, discussed digitalisation and how to monitor the use of technology in insurance. These efforts are expected to lead to advancing the digital transformation of the insurance sector and achieving insurance inclusion.
Mr Ramadan said the conditions that the world has experienced because of the COVID-19 pandemic and the application of social distancing rules have led businesses to expedite digital transformation and engage in remote work.
He said that the adoption of FinTech in insurance has attracted the attention of the FRA, which is implementing two related projects. The first project deals with mobile insurance applications and how to manage inter-agency relationships and coordination.
The second project involves a study of the experiences in international markets in regulating and controlling the use of InsurTech. The study aims to identify opportunities and challenges in building a regulatory system - with flexible control and supervisory rules - that contributes to digital transformation. M