Egypt’s FRA grants Lumin Soft preliminary approval to join Fintech Sandbox

Egypt’s Financial Regulatory Authority (FRA) granted preliminary approval on Saturday for Lumin Soft to join its regulatory sandbox for fintech applications, becoming the third company to receive such approval since the sandbox’s launch.

Through its participation, Lumin Soft will conduct live tests of its business model within the sandbox, including creating digital identities using e-Passports and integrating with Azimut Investments – Egypt, allowing investments under regulatory supervision.

Lumin Soft specialises in digital identity solutions, electronic verification, and digital contracts. The company submitted a project to verify the identity of non-Egyptians using electronic passports (e-Passports) through Near Field Communication (NFC) technology, enabling a fully digital identity verification process via mobile devices.

FRA Chairman Islam Azzam said that these digital mechanisms are a key step to facilitate foreign investors’ entry into Egypt and to enhance foreign investment flows. The project relies on reading and verifying e-Passport data according to the Public Key Directory (PKD) standards of the International Civil Aviation Organization (ICAO), ensuring security and reliability.

Azzam added that adopting advanced technological solutions in financial services reflects Egypt’s aim to strengthen its position as a regional fintech hub. The FRA sandbox provides a supervised environment for companies to test innovative business models and digital solutions before market launch, supporting digital transformation in financial services.

Ahmed Khalifa, Executive Director of the FRA Regulatory Sandbox, said the project demonstrates practical use of digital transformation in financial services, enabling non-Egyptians to access investment services in the Egyptian market and enhancing the competitiveness of the non-banking financial sector.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser