By Ingy Ashraf,
The Egyptian Financial Supervisory Authority published an ambitious plan for updating accounting standards so that economic entities as well as investors can revalue their assets and boost their businesses.
One of the main priorities of the EFSA is to guarantee the protection of the rights of the stakeholders,strengthening transparency and disclosure, and equality of opportunities.
They also working with the implementation of the Law on Promoting the Use of Technology in the Non Bank Financial Sector that will allow the insurance companies to introduce their policies through e-commerce platforms and mobile networks.
In addition to, they are working on integration of non bank financial system sectors, which is technology focused to develop financial and insurance inclusion.
They establish the active participation of carbon markets to support efforts of Egyptian state in achieving carbon neutrality.
The meeting focused on the key themes of non bank financial sector development, that included the role of technology in promoting financial inclusion and insurance,the growth of Egyptian capital market, and the challenges that the sector faces.
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority delivered a speech at the 9th CEO conference on the recent developments in the cycle of reform and development of the non banking financial services.
He pointed out FRA aims at balanced work to ensure the stability, safety of the sector, improving the business environment ,and increasing customers’ access to non banking financial services. but, he emphasized that FRA’s initiatives to increase liquidity, trading, beneficiaries, however protect customer rights.
In addition to, he underlined the latest changes to Egyptian accounting standards, which enabled the revaluation model for fixed and intangible assets and the fair value model for real estate investments. Farid focused on the fact that FRA was able to respond to the economic changes in a fast manner and support the development of the flexibility and resilience of non banking financial institutions