FRA Approves and Licenses 7 Companies for Non-Banking Financial and Capital Market Activities
Financial Regulatory Authority (FRA)
The Financial Regulatory Authority, chaired by Dr. Islam Azzam, has approved a package of regulatory decisions aimed at strengthening and deepening the non-banking financial markets. These decisions include granting approvals and licenses to 7 new companies and entities to engage in various activities across the capital market and non-banking finance sectors.
Capital Market Sector Developments
Establishment of New Companies: Approval to establish "Cheria for Underwriting and Promotion of Securities" in accordance with Law No. 95 of 1992.
Incorporation and Capital Increase Licenses: Granting licenses to "e-Finance Financial Services Holding" and "Olive Egypt Holding" to participate in incorporating companies that issue securities or increasing their capital.
Bonds Brokerage: Licensing "Golden Way for Securities and Bonds Trading" to practice bond trading and brokerage as an added business scope.
Portfolio and Fund Management: Adding portfolio creation and management, as well as investment fund management, to the business scope of "Business Community for Financial Investments."
Non-Banking Financial Sector Expansion
Factoring Activity Expansion: Initial approval for "Fawry Consumer Finance" to add factoring activities to its purpose and modify its name, pending the completion of required legal procedures.
Receivables Collection: Registering "Sympl for Financial and FinTech Solutions" in the receivables collection register, raising the total number of registered companies in this activity to 12.
Incorporation and Licensing Committee Operations
These decisions follow recommendations issued by the Incorporation and Licensing Committee for Companies and Branches, which is responsible for reviewing and issuing preliminary and final approvals, reviewing articles of association amendments, and overseeing legal framework transitions.