The head of Egypt's Financial Regulatory Authority, Mohamed Farid, stated that emerging markets have become influential players in reshaping global standards and driving international financial transformation. He delivered a keynote address at the annual conference of the Malta Financial Services Authority, emphasizing their role in innovation and sustainability. Farid outlined a future vision for capital markets development based on three main principles.
In his keynote address titled “Emerging Markets: Opportunities, Threats, and New Trends in a Complex Global Landscape,” Mohamed Farid, who serves as vice chairman of the International Organization of Securities Commissions (IOSCO) and chairman of its Growth and Emerging Markets Committee (GEMC), discussed global economic developments, the impact of geopolitical risks on financial stability, and the future of capital markets.
Farid said: “Emerging markets have proven that their story is not just one of coping with shocks, but one of strategic adaptation, which has made them laboratories for innovation that are reshaping global standards and pushing the reform and sustainability agenda to practical, measurable horizons.”
He proposed a future vision for capital markets development based on three main principles: innovation with integrity, integration while maintaining independence, and growth that considers sustainability. Farid highlighted the Financial Regulatory Authority (FRA) as a “leading model that combines regulatory innovation, sustainable action, and digital transformation in developing capital markets in emerging economies.”
He pointed to Egypt’s law on the use of financial technology as a turning point that demonstrates how adaptability can be an inherent part of regulation itself. The FRA has transitioned from a paper-based to an integrated digital model, licensing fully digital startups and approving the establishment of a registry for fintech service providers. The authority has also licensed Robo-Advisors and issued digital licenses for real estate, private equity, and venture capital investment funds.
Farid stressed that sustainability has become an integral part of regulatory and institutional practices, and that regional and global cooperation is now essential to face the challenges of fragmentation and technological disruption. He concluded: “International cooperation has become an indispensable necessity in a globally interconnected and complex financial environment.”
The conference was held in conjunction with the 2025 annual meeting of the GEMC, hosted by the Malta Financial Services Authority from November 18 to 20.