{"id":573306,"date":"2020-07-28T04:17:41","date_gmt":"2020-07-28T04:17:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/"},"modified":"2020-07-28T04:17:41","modified_gmt":"2020-07-28T04:17:41","slug":"fra-completes-first-draft-of-law-to-regulate-fintech-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/","title":{"rendered":"FRA completes first draft of law to regulate fintech industry"},"content":{"rendered":"

<\/a> LEGISLATION WATCH- The Financial Regulatory Authority (FRA) has finished the<\/strong> first draft of a law that will govern the fintech space<\/strong>, and expects to draw up a final version within one month, Abdelhamid Ibrahim, FRA board member and head of the committee drafting the law, tells Al Mal<\/a>. The bill would regulate the broad use of financial technology to deliver non-bank financial services, covering areas including crowdfunding, robo-advisory, nano-finance, and insurtech<\/a>.<\/p>\n

The authority is looking to refine the technical aspects of the legislation with the help of an international agency,<\/strong> Ibrahim said, without naming the institution. The European Bank for Reconstruction & Development is a likely candidate, given FRA boss Mohamed Omran said<\/a> in January that the multilateral lender would work with the regulator on the legislation.<\/p>\n

Meanwhile, s<\/strong>even microfinance companies have applied to the FRA for nano lending <\/strong>licenses. <\/strong>The market watchdog gave the greenlight<\/a> for micro lenders to offer nano loans in November of last year. So far, only one micro lender has been granted a license<\/a>: Pharos-backed application Kashat, which was launched back in February.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- The Financial Regulatory Authority (FRA) has finished the first draft of a law that will govern the fintech space, and expects to draw up a final version within one month, Abdelhamid Ibrahim, FRA board member and head of the committee drafting the law, tells Al Mal. The bill would regulate the broad use […]<\/p>\n","protected":false},"author":1,"featured_media":573307,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,183,1473,180,876,595,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-fintech","tag-investment-banking","tag-legislation","tag-nano-lending","tag-non-banking-financial-services","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"480025ed-2bc3-40c7-b508-8103c35d43f5","is_powered_by":true,"section_story_id":"1caf2c84-825a-44dc-84e0-19e619e882ed","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/7\/228.jpg","photo_position":"above","related_issue":[573285],"teaser":"","voice_url":""},"yoast_head":"\nFRA completes first draft of law to regulate fintech industry - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA completes first draft of law to regulate fintech industry\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- The Financial Regulatory Authority (FRA) has finished the first draft of a law that will govern the fintech space, and expects to draw up a final version within one month, Abdelhamid Ibrahim, FRA board member and head of the committee drafting the law, tells Al Mal. The bill would regulate the broad use […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-28T04:17:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/228.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FRA completes first draft of law to regulate fintech industry\",\"datePublished\":\"2020-07-28T04:17:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/\"},\"wordCount\":188,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/7\/228.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Fintech\",\"investment banking\",\"legislation\",\"Nano lending\",\"non-banking financial services\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/07\/28\/fra-completes-first-draft-of-law-to-regulate-fintech-industry\/\",\"name\":\"FRA completes first draft of law to regulate fintech industry - 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The authority has been considering legislation to govern crowdfunding, but decided to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574750,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/insurtech-crowdfunding-startups-and-other-fintech-players-could-soon-face-new-fra-regulations\/","url_meta":{"origin":573306,"position":1},"title":"Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations","author":"enterpriseam admin","date":"21 September 2020","format":false,"excerpt":"LEGISLATION WATCH- Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations: The Financial Regulatory Authority (FRA) has approved a draft bill that would regulate the use of financial technology to deliver non-bank financial services, it said in a statement. The bill was reviewed by representatives from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555872,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/fintech-regs-get-preliminary-house-approval\/","url_meta":{"origin":573306,"position":2},"title":"Fintech regs get preliminary House approval","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"A draft law that would regulate the fintech space received a preliminary nod from the House of Representatives during its plenary session yesterday, according to Al Borsa. The new law would, if passed, regulate the use of fintech to deliver non-banking financial services (NBFS) in a bid to promote financial\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/654.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561441,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/cabinet-approves-draft-bill-to-regulate-fintech-industry\/","url_meta":{"origin":573306,"position":3},"title":"Cabinet approves draft bill to regulate fintech industry","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"The draft law that will govern the fintech space received approval from the Madbouly cabinet in its weekly meeting yesterday, cabinet said in a statement. The new law would regulate the use of fintech to deliver non-banking financial services (NBFS) in a bid to promote financial inclusion and expand the\u2026","rel":"","context":"In "Cabinet watch"","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556260,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/18\/house-committee-gives-final-nod-to-proposed-fintech-law\/","url_meta":{"origin":573306,"position":4},"title":"House committee gives final nod to proposed fintech law","author":"enterpriseam admin","date":"18 October 2021","format":false,"excerpt":"The House of Representatives\u2019 CIT Committee yesterday gave final approval to a draft law to regulate Egypt\u2019s fintech sector, Al Mal reports. The proposed law would govern fintech use by non-banking financial services (NBFS) providers, as well as put the Financial Regulatory Authority in charge of overseeing the fintech space.\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542625,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/09\/egypt-now-has-a-regulatory-framework-for-the-fintech-industry\/","url_meta":{"origin":573306,"position":5},"title":"Egypt now has a regulatory framework for the fintech industry","author":"enterpriseam admin","date":"9 January 2022","format":false,"excerpt":"Fintech, consider yourself regulated: Legislation to regulate the fintech industry received final approval from the House of Representatives on Wednesday, according to Al Borsa. 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