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Gohar Nabil, Minister of Youth and Sports, and Dr. Islam Azzam, Chairman of the Financial Regulatory Authority (FRA), witnessed the signing of a landmark Memorandum of Understanding (MoU) aimed at developing the capabilities of Egyptian youth in entrepreneurship, financial technology (FinTech), and non-banking financial services. The partnership aims to transform promising ideas into viable economic projects through the Authority’s Regulatory Sandbox for FinTech Applications ("FRA-Sandbox").

The signing ceremony took place at the FRA headquarters and was signed by Mohamed Saeed Mazen, Permanent Secretary of the Ministry of Youth and Sports, and Eng. Ahmed Khalifa, Executive Director of the Regulatory Sandbox at the FRA.

Training Programs and Innovation Sponsorship Across Governorates

The agreement targets institutional synergy by delivering training programs, workshops, and awareness sessions across all governorates, focusing on FinTech and financial literacy. The collaboration also extends to sponsoring innovative ideas, organizing competitions, providing guidance and mentorship to innovators, linking them with business incubators, and facilitating qualified projects' access to investors and venture capital funds in accordance with regulatory frameworks.

Supporting Non-Banking Financial Services and Testing Environments

The scope of cooperation includes fostering innovation in insurance, non-banking financing, financial leasing, factoring, and capital markets. It highlights the role of the "FRA-Sandbox" in providing a supervised regulatory testing environment that enables qualified startups to test and refine their business models and technology solutions safely.

Minister of Youth: Investing in Youth Capabilities Builds the Nation's Future

Gohar Nabil, Minister of Youth and Sports, emphasized that economically empowering youth represents a key pillar of the Egyptian state's efforts in human development and sustainable growth. He highlighted the Ministry's commitment to converting youth ideas into successful businesses by connecting them with suitable funding opportunities, noting that youth centers serve as a national platform to discover young entrepreneurs and promote a culture of FinTech nationwide.

FRA: Over 50 Projects Submitted to the Regulatory Sandbox

Dr. Islam Azzam, Chairman of the FRA, stated that the Regulatory Sandbox received over 50 project applications during its first year; 9 received preliminary approval, and 2 have officially entered the actual testing phase. He noted that around 75 FinTech companies currently operate in Egypt's non-banking financial sector, adding that youth aged 18–40 accounted for 80% of new investor registrations on the Egyptian Exchange last year and over 70% of investors in precious metals funds.

AI Opportunities and Joint Workgroups

The FRA Chairman highlighted the importance of leveraging artificial intelligence in financial services while adhering to governance, data protection, and risk management guidelines, noting that global AI investments in FinTech are expected to reach $80 billion. Both parties agreed to form joint workgroups to establish execution plans and follow up on program outcomes.