Egypt’s Financial Regulatory Authority Approves IGIB for Regulatory Sandbox to Boost InsurTech Innovation
Egyptian Financial Regulatory Authority (FRA) has granted preliminary approval for Innovation Group Insurance Brokerage (IGIB) to join the FRA’s Regulatory Sandbox (FRA Sandbox), supporting the adoption of digital solutions and promoting innovation in non-banking financial activities.
This initiative aligns with FRA’s strategy to encourage InsurTech applications through its digital platform “Wataqny”, designed to provide an integrated digital experience for insurance customers in Egypt.
Dr. Islam Azzam stated that the approval represents a qualitative addition to the use of financial technology in the insurance sector, reflecting growing investor confidence in the flexible regulatory environment fostered by FRA.
The regulatory sandbox allows new digital solutions to be tested in a safe and supervised environment, accelerating digital transformation and enhancing the efficiency of non-banking financial services.
The “Wataqny” platform will enable clients to browse, compare, and select insurance policies that best suit their needs through a simplified digital experience. This aims to support more efficient and transparent insurance decision-making, improve customer experience in the Egyptian insurance market, and promote insurance and financial inclusion through objective product comparison tools approved by FRA.