Chairman of the Financial Regulatory Authority (FRA), Dr. Mohamed Farid, delivered the keynote address at the 14th Annual Conference of the CFA Society Egypt, marking his participation for the eleventh consecutive year. This year’s conference featured the final stage of the annual research challenge competition, where students from eight Egyptian universities competed by presenting financial reports, specifically analyzing the fair value of a listed Egyptian company’s stock.
In his speech, Dr. Farid expressed his delight in continuing his long-standing relationship with the CFA Society Egypt, emphasizing the importance of continuous learning. He shared his advice to the youth, quoting the saying: “A person remains a scholar as long as they seek knowledge, and if they think they have learned everything, they have fallen into ignorance.”
Dr. Farid also highlighted the strategic partnership between the FRA and all relevant stakeholders to enhance the capabilities of professionals and ensure the sustainable growth and competitiveness of non-banking financial markets. He proposed the possibility of collaborating with the CFA Society Egypt to launch a new competition for universities focused on sustainability reporting, offering the FRA’s support in evaluating and comparing reports from participants.
He underscored the importance of companies considering environmental, climate, and sustainability factors, urging a commitment to governance practices and reporting on sustainability efforts. “This is no longer a luxury; it has become a necessity for businesses to ensure growth, access international funding opportunities, and place themselves on the global investment map,” Dr. Farid remarked.
In line with this, he mentioned that accelerating the digital transformation and boosting the involvement of the non-banking financial sector in sustainability activities are key elements in enhancing the sector’s role in the national economy. Dr. Farid also confirmed that the FRA has successfully launched the Robo-Advisor program for investment advice, which uses artificial intelligence algorithms to create and manage investment portfolios.
Furthermore, he announced that discussions are underway to extend the use of AI algorithms to the insurance and investment fund sectors. These technologies will allow for more efficient comparison of investment fund documents and alternatives in these sectors.
Dr. Farid emphasized that staying updated with technological advancements is essential for progress, stating, “Without understanding technological developments, we will not move forward. Capacity building has become much easier with the accessibility of information.”
He also addressed the FRA’s ongoing efforts to launch new precious metal investment funds after the success of the first three gold investment funds. He acknowledged that there is still much work to be done in developing capital markets, increasing awareness about the importance of savings and cumulative investments, and creating greater value for these savings.
Concluding his speech, Dr. Farid commended all participants in the CFA Society Egypt challenge, emphasizing that those who reached the final stage are winners, as the journey of qualification and empowerment is long, arduous, and deserving of praise and recognition.
