The Financial Regulatory Authority (FRA), led by Dr. Islam Azzam, held the first meeting of the Advisory Committee for the Regulatory Sandbox for FinTech Applications (FRA-Sandbox). This meeting comes about a year after the sandbox's launch, reflecting the Authority's commitment to supporting innovation and developing the legislative and regulatory environment for using financial technology in non-banking financial activities.
The Regulatory Sandbox's Advisory Committee includes a selection of experts and specialists in insurance, technology, entrepreneurship, digital infrastructure, and legislation. Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, chairs the committee, while Eng. Ahmed Khalifa, Executive Director of the Regulatory Sandbox, serves as Vice Chairman.
Committee members include Alaa El-Zohairy, Chairman of the Egyptian Insurance Federation and Managing Director of GIG Insurance; Eng. Ibrahim Sarhan, Chairman and Managing Director of e-finance; Dr. Ayman Ismail, Abdul Latif Jameel Chair of Entrepreneurship at the American University in Cairo's AUC School of Business and founder/director of AUC Venture Lab; Karima El-Hakim, Executive Partner for Egypt and Africa at Plug and Play International; Eng. Sherif Shaltout, Regional Director for Liquid C2 in the Middle East and North Africa; and Dr. Mohamed Hegazy, Digital Legislation and Intellectual Property Consultant.
Dr. Islam Azzam emphasized that forming this committee highlights the Authority's keenness to leverage specialized local and international expertise to support financial innovation and develop the regulatory sandbox according to global best practices. This move aims to enhance Egypt's position as a regional hub for FinTech and development in non-banking financial activities.
He explained that the regulatory sandbox is a modern tool that allows startups and financial institutions to test new digital solutions and products in a safe, flexible environment under regulatory supervision. He noted that in less than a year, the sandbox has transformed into an integrated platform that balances encouraging innovation with protecting consumers and market stability.
During the meeting, the committee reviewed the sandbox's key achievements since its inception. Eng. Ahmed Khalifa explained that five initial approvals have been issued for innovative FinTech projects to be tested within the regulatory environment supervised by the Authority. Additionally, 13 Memoranda of Understanding (MoUs) have been signed with various market stakeholders, and regulatory guidance has been provided to 37 entities. This work helps evaluate the feasibility of technical solutions and their compliance with supervisory and regulatory frameworks before broader market launch.
He added that the application process for the sandbox begins with submitting a project that demonstrates genuine innovation in Egypt's non-banking financial sector, is ready for implementation, and contributes to improving market efficiency and delivering greater benefits to consumers, based on a feasibility study and an effective plan. The application then undergoes review and a testing phase, leading to a final evaluation for approval, extension for an additional testing period, or rejection.
The meeting also discussed the Advisory Committee's main objectives, which include fostering an environment conducive to developing FinTech projects in the non-banking financial activities sector according to global standards, enhancing cooperation to expand the sandbox's reach and operations, especially across the African continent, providing strategic advice on regulatory frameworks and policies, and supporting knowledge exchange and capacity building within Egypt's FinTech ecosystem.
The meeting touched upon the sandbox's priorities for the next phase. Committee members agreed on the importance of expanding the base of companies and projects benefiting from the sandbox's services, supporting solutions related to artificial intelligence, FinTech, and digital finance, strengthening cooperation with regulatory bodies and international institutions, and developing mechanisms to measure the economic and social impact of financial innovation.
Committee members emphasized the importance of continuing to develop a regulatory environment that supports innovation and enhances cooperation among regulatory bodies, private sector institutions, and startups in sectors supervised by the Authority. This aligns with the state's goals related to sustainable economic development and financial inclusion.
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