Egypt’s FRA Chief chairs IOSCO GEMC meetings in Malta, highlights market reforms, ESG integration
Egypt’s Financial Regulatory Authority (FRA) Chairman Mohamed Farid chaired the Global Emerging Markets Committee (GEMC) meetings of the International Organisation of Securities Commissions (IOSCO) in Malta from 18-20 November 18 to 20. The meeting focused on strengthening capital markets, capacity building, and technical cooperation among emerging economies.
Farid, who also serves as Vice Chairman of the IOSCO Board, attended a presentation by Secretary General Rodrigo Buenaventura on IOSCO’s 2026 action plan, which emphasizes technology, resilience, investor protection, and regulatory cooperation. He said Egypt remains committed to collaborating with global regulatory bodies to enhance market stability, safeguard investors, and adopt international best practices.
During the meetings, the committee approved the NEXTGEN project—“Nurturing Excellence Through Growth, Education and Networking”—which reflects the diversity of member markets, spanning early-stage emerging economies to near-developed markets. Discussions also highlighted financial inclusion and Egypt’s fintech initiatives, including the implementation of electronic Know Your Customer (e-KYC) procedures.
Farid detailed the FRA’s digital transformation framework, supported by legislative and regulatory measures such as Law No. 5 of 2022 on fintech regulation and Board decisions 139, 140, and 141 of 2023. He said these reforms have allowed companies to expand operations, improve efficiency, and provide easier access to financial services via fintech applications. The FRA has also established a secure e-KYC system and a registry of licensed fintech service providers, creating a unified digital infrastructure that strengthens market discipline, fosters innovation, and builds investor confidence.
In addition, Farid chaired GEMC discussions on adopting International Sustainability Standards Board (ISSB) standards, underscoring Egypt’s integration of environmental, social, and governance (ESG) principles into its regulatory framework. He highlighted the role of regional and international cooperation in sharing expertise, adopting global standards, and addressing environmental and social challenges, helping create a safer and more sustainable investment environment.
Farid added that applying international sustainability standards provides a unified reference for regulators, enhances market stability, and boosts investor confidence while supporting long-term economic growth.
Attribution: Amwal Al Ghad English
Subediting: Y.Yasser