Egypt’s FRA reviews movable collateral registry after creditor feedback

Egypt’s Financial Regulatory Authority (FRA) is reviewing services and procedures at the Egyptian Movable Collateral Registry after surveying creditor institutions on challenges with the system, the authority said on Monday.

The survey covered the registry’s services, procedures, electronic system, and platform usage mechanisms. Responses included comments and proposals that led the FRA to hold a meeting to review the findings and address the practical challenges facing users.

The meeting was chaired by Mohamed Abdel Aziz, FRA assistant chairman and supervisor of the registry, and attended by registry officials, representatives of creditor institutions, and e-Finance, the registry’s current operator.

Participants discussed technical and operational challenges raised by creditors, as well as ways to improve services and the user experience with the system, the FRA said.

The proposals will undergo technical and legal review before implementation mechanisms and development priorities are determined, taking into account the registry’s technical capabilities and the legislation governing its operations.

The FRA will coordinate with e-Finance and creditor institutions to monitor progress and assess the impact of any measures on the efficiency and ease of using the registry.

The authority said the review was part of its efforts to develop digital infrastructure for non-bank financial services, facilitate access to financing, and improve the movable collateral system.