FRA Approves Fawry’s Registration in FinTech Outsourcing Service Providers Registry
A New Step to Enhance Digital Transformation in the Financial Sector
The Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, approved the registration of "Fawry for Banking Technology and Electronic Payments" in the registry of outsourcing service providers in financial technology (FinTech). This approval came as part of a package of decisions covering 6 companies, aiming to accelerate digital transformation and expand the base of beneficiaries from technological solutions across non-banking financial activities.
Controls and Applications of Digital Outsourcing Services
The services provided by Fawry under this registry are strictly limited to its subsidiaries, excluding other companies operating in non-banking financial activities. This procedure falls within the regulatory framework established by the Authority to organize and govern the reliance on specialized tech companies to serve financial institutions.
FRA’s Role in Developing Financial Markets
These approvals fall within the FRA's constitutional and legal mandates to supervise non-banking financial markets and instruments. These include capital markets, insurance, mortgage finance, financial leasing, and financing for micro, small, and medium enterprises (MSMEs), thereby supporting Egypt's ecosystem for financial innovation and regulation