Egypt’s FRA, CAPMAS sign first data-sharing pact on insurance, brokerage sectors
Egypt’s Financial Regulatory Authority (FRA) and state statistics agency CAPMAS signed their first data-sharing agreement on Tuesday to exchange information on the insurance and securities brokerage sectors, in a move aimed at improving official statistics and market oversight.
The agreement sets out a framework for sharing data on non-banking financial activities, part of broader efforts to improve the availability of economic data for regulators and policymakers.
FRA Chairman Islam Azzam and CAPMAS President Akram El-Gohary signed the protocol.
“Data is the fuel that drives economic policy,” Azzam said, adding that transparency and access to information help attract investment by building confidence and reducing risk, particularly in emerging markets.
Azzam said the FRA had already required companies across capital markets, insurance, and other non-banking financial sectors to submit data electronically and link their databases to the regulator’s systems. He added that the authority was working to deepen that integration and use digital tools to analyse data and produce indicators more quickly.
Under the agreement, CAPMAS will receive updated data on insurance and reinsurance companies as well as securities brokerage firms supervised by the FRA. The information will be used in economic and social reports and other official statistics intended to support policymaking.
El-Gohary said the agreement marked a step towards stronger coordination between government bodies responsible for financial and statistical data. He added that the protocol would support oversight of non-banking financial activities by improving the quality of data available for economic and regulatory policy.
The protocol is also expected to improve the quality of official statistics and reduce duplicate data requests from companies, easing administrative burdens and improving the efficiency of data collection and analysis.
Attribution: Amwal Al Ghad English