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The Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has granted a license to the "International Company for Credit Rating Solutions" to engage in the evaluation, rating, and arranging of securities. This makes it the second company to operate in this critical sector within the Egyptian market, and the first to receive a license under FRA Decree No. 178 of 2025, which outlines the criteria for evaluating licensing requests for this activity.

Granting this license represents a significant step toward boosting competition in the credit rating services market and expanding the base of institutions in this vital sector. This strategic move supports capital market efficiency and provides both investors and financial institutions with a broader range of alternatives for securities evaluation and rating in accordance with global best practices.

This license was part of a broader package of 10 new approvals issued by the FRA for various non-banking financial activities. These approvals are aimed at raising the efficiency and competitiveness of regulated sectors, enhancing the Egyptian market's overall investment appeal, and expanding public access to non-banking financial services.

Newly Licensed Entities and Activities

To provide a clear overview of the market expansion, the additional approvals granted by the FRA across different financial sectors are detailed below:

Company NameLicensed ActivityKey Milestones & Notes

Sigma Securities BrokerageFutures BrokerageRaises the total number of licensed futures brokers to 8 since the derivatives market launch.

Aspire Securities and Bonds BrokerageFutures BrokerageRaises the total number of licensed futures brokers to 8.

MedRight Health SolutionsSpecialized Medical Insurance1st company to receive a temporary license in this field under the Unified Insurance Law (155 of 2024).

NextcareHealthcare Program ManagementRaises the total number of temporarily licensed companies in this field to 8.

Co-Wealth FundReal Estate Investment FundExpands the growing real estate investment sector.

Co-WealthSecurities Underwriting & Real Estate Fund ManagementBroadens the company's financial service portfolio.

Thndr Real Estate Asset Investment FundReal Estate Investment FundExpands Thndr's asset investment footprint.

Commercial International FinanceFinancial LeasingOperations must adhere to the FRA's standardized leasing contract models.

Halan Non-Banking Financial ServicesMortgage Finance and FactoringStrengthens Halan's integrated financing ecosystem.

The FRA's Regulatory Mandate

The FRA emphasized that these approvals fall squarely within its constitutional and legal mandate to comprehensively regulate and supervise non-banking financial markets and instruments. This encompasses overseeing capital markets, futures exchanges, insurance activities, mortgage finance, financial leasing, factoring, and securitization, alongside the incorporation and licensing of all companies operating within these dynamic markets. Ultimately, these efforts drive the continuous development of the non-banking financial sector and actively foster financial inclusion across Egypt.