FRA’s non-banking services strategy entered into force

REGULATION WATCH- Financial Regulatory Authority is zeroing in on non-bank financial services: The Financial Regulatory Authority’s comprehensive non-banking services strategy has entered the implementation phase, the authority said in a statement yesterday. The statement sets out ambitious goals for the sector, which the FRA presents as an engine of growth that will enhance access to capital while also mobilizing funding for national projects, among other benefits. Key for business: The FRA explicitly notes it will lead on legislation and regulation for the sector in a bid to improve transparency and curb corruption. The four-year strategy, which was first announced last year, would also see the FRA take an active role in growing the volume of Egypt’s mortgage financing market.