By ; Wael Elgafary

Egypt Post and the Financial Regulatory Authority (FRA) have signed a cooperation protocol to use Bareedi, the digital postbox solution, to develop and digitize the system of official notices and correspondence between FRA and entities under its supervision and oversight. The signing ceremony was attended by senior officials from both entities.

Bareedi provides a digital alternative to registered letters and registered letters with acknowledgment of receipt. It enables verification of sender and recipient identity, documentation of the date and time of sending and receipt, and protection of message and attachment content against loss, tampering, or unauthorized modification, in addition to providing authenticated digital evidence of sending and delivery operations.

The protocol aims to establish a sustainable e-system for official correspondence between FRA and entities under its supervision, thereby expediting procedures, enhancing the efficiency of regulatory communications, supporting the modernization of governance frameworks, improving administrative procedures, enhancing the efficiency of government services, protecting stakeholders' rights, and reducing operating costs.

FRA and its licensed institutions will adopt Bareedi to exchange notices, regulatory decisions, violations, claims, reports, disclosures, invitations, and other legal or regulatory correspondence and documents. The protocol also includes allocating an official registered postbox for the Authority to receive correspondence electronically and send its decisions, notices, and other official communications to relevant entities.

The two parties also agreed to organize workshops and awareness sessions for entities under FRA's supervision to explain how to use the service and support technical and operational integration.

The necessary measures will be taken to develop regulatory frameworks for non-banking financial activities, enabling the use of the digital system in official communication mechanisms. Notices issued through the system will have the same legal effect as registered letters with acknowledgment of receipt.

The cooperation forms part of a broader ecosystem of digital transformation projects aimed at strengthening the governance of the non-banking financial sector. These projects include deepening electronic connectivity with licensed institutions, developing mechanisms for obtaining and analyzing data, and leveraging artificial intelligence (AI) applications to monitor performance indicators, services, and financial products.