FinTech and sustainability are key enables of change, Madbouly

Prime Minister Mostafa Madbouly expressed his belief that financial technologies and sustainability are key drivers of change as “we live in a rapidly evolving digital age,” during a speech on Tuesday.

These will promote financial inclusion and provide effective and sustainable access to financial services for all in our societies, the prime minister emphasized.

Madbouly gave one of the inaugural speeches at this year’s annual meeting for the Growth and Emerging Markets Committee and the Africa/Middle East Regional Committee under the International Organization of Securities Commissions (IOSCO).

He emphasized the vital role of the non-banking financial sector regarding the local economy, with the government implementing various reforms to support the sector.

Tuesday's meeting was a strong opportunity to review threats to financial technologies, ways to take advantage of its potential, and better integrate sustainability within the financial industry.

Madbouly highlighted the country’s national reform program which aims to promote economic stability and accelerate the country’s growth and development, adding that the economy needs to be on a “path of growth” to benefit from the non-banking financial sector.

Madbouly added that the Egyptian government updated its Vision 2023 to better align with its economic reforms. The PM noted that this would contribute to raising employment rates, increasing investment in human capital, and strengthening partnerships with the private sector.

The government has applied several legislative reforms to develop the sector’s legal framework, Madbouly stressed, including the inaugural Egyptian law on non-banking financial activities, laws regarding MSMEs and consumer finance, and amendments to the Capital Market Law for the issuance of sustainability-related bonds and ESG funds.