Egypt’s FRA approves 10 companies to conduct financial services using fintech
Egypt’s Financial Regulatory Authority (FRA) has on Thursday approved 10 companies to conduct non-banking financial activities using financial technology, covering insurance, asset management, factoring, microfinance, securities brokerage, and custody.
The approvals form part of the regulator’s efforts to expand access to non-banking financial services, support digital transformation, and promote financial, investment, and insurance inclusion, the FRA said in a statement.
The companies include Misr Life Insurance, which received approval to conduct its insurance activities using fintech through electronic verification provider VLens, and PAM Asset Management, which will use software services from Valify Solutions to conduct its licensed activities through financial technology.
Halan Securities Brokerage also received approval to use fintech in its licensed brokerage activities through VLens, while MNT Tech Holding for Financial Investments was cleared to use the technology in securities custody through its own services.
HC Securities and Investment received approval to use fintech in securities custody through VLens.
The FRA also granted licences to two fintech startups: Nice Deer to conduct factoring activities using financial technology through VLens, and Dayra to provide microfinance services using electronic identification solutions from Digified.
Other approvals went to Azimut Investments Egypt to use fintech in securities custody through Lumin Soft, while AF Securities received approval to use the technology in its licensed activities through VLens. HC Brokerage was also cleared to use fintech in its licensed brokerage activities through its own services.
The FRA, chaired by Islam Azzam, oversees Egypt’s non-banking financial markets and activities, including capital markets, futures exchanges, insurance, mortgage finance, financial leasing, factoring, and securitisation. Its remit also includes approving and licensing companies operating in these markets, whether they conduct their activities through conventional channels or financial technology.