The Insurers Federation of Egypt has signed a strategic cooperation protocol with the Regulatory Sandbox for Technological Applications under the Financial Regulatory Authority (FRA), aiming to support and enhance cyber protection programs offered by insurance companies, as part of a broader vision to advance digital transformation in the sector.
The signing ceremony was attended by Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority. The protocol was signed by Mr. Alaa El-Zoheiry, Chairman of the Insurers Federation of Egypt, and Eng. Ahmed Khalifa, Executive Director of the Innovation Center and Regulatory Sandbox, and FRA’s Chief Data Officer.
Under this agreement, insurance companies operating in both property insurance and life insurance lines will be able to present their digital cyber protection offerings through the FRA Sandbox platform. These offerings include coverage terms, pricing structures, premium collection mechanisms, and digital claims settlement procedures, allowing them to be tested within a secure, regulated digital environment before public deployment.
The protocol signing took place during the FRA Fintech Forum 2025, an annual event hosted by the Financial Regulatory Authority to foster dialogue with market participants, address key challenges and opportunities in financial digitization, and showcase regulatory frameworks that support innovation across non-banking financial sectors.
The Regulatory Sandbox plays a pivotal role in empowering startups and fintech innovators by offering a safe testing environment for smart digital solutions. It enables improved regulatory understanding of emerging technologies, promotes agile supervision, and facilitates the development of inclusive, innovative, and sustainable financial and insurance services for individuals and businesses alike.