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Monday, 21 September 2020

Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations

LEGISLATION WATCH- Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations: The Financial Regulatory Authority (FRA) has approved a draft bill that would regulate the use of financial technology to deliver non-bank financial services, it said in a statement. The bill was reviewed by representatives from the Central Bank of Egypt, the National Telecommunications Regulatory Authority, and the Money Laundering and Terrorist Financing Combating Unit. The 34-article bill, the first draft of which the FRA completed in July, covers crowdfunding, robo-advisory, nano-finance, and insurtech. The legislation would enable the FRA to license and regulate crowdfunding platforms, and issue temporary fintech startup licenses. Violations would result in imprisonment or fines of EGP 200k-1 mn.

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