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Decision Details and Key Beneficiaries

Wealthy Financial Holding & Wealthy Securities Brokerage: "Wealthy Financial Holding" and "Wealthy Securities Brokerage" obtained approval to perform custody activities and authorized mechanisms using financial technology.

Establishment of New Startups: Approval was granted to establish two fintech startups: "Paymob for SME Financing" and "MIDBANK for SME Digital Financing."

Registering Fawry in the Outsourcing Registry: "Fawry for Banking Technology and Electronic Payments" was registered in the FRA's outsourcing service providers register for fintech, limited strictly to serving its subsidiaries.

Consumer Finance License for "Souhoola": "BM Consumer Finance – Souhoola" was allowed to operate digitally through "VLens," as its application was submitted prior to the suspension decree issued last February.

Objectives and Role of the Financial Regulatory Authority (FRA)

Supporting Digital Transformation: Expanding the beneficiary base for non-banking financial services and fostering technological solutions across capital markets and financing.

Regulation and Supervision: Exercising constitutional and legal jurisdiction to oversee and regulate non-banking financial markets and instruments, both traditional and digital.