Egypt”s FRA Approves 10 Companies to Use Fintech in Non-Banking Financial Activities
Egypt's Financial Regulatory Authority (FRA), chaired by Islam Azzam, has granted approvals to 10 companies to conduct non-banking financial activities using financial technology, as part of its ongoing efforts to accelerate digital transformation and expand access to financial services.
The approvals were issued through the FRA committee responsible for reviewing applications to use fintech in non-banking financial activities, supporting broader financial, investment and insurance inclusion.
Approvals Cover Insurance, Asset Management and Securities Brokerage
The approvals include Misr Life Insurance, which received permission to conduct its activities using financial technology through V-Lens, an electronic identity verification provider.
The authority also approved PAM Asset Management to use fintech in its licensed activities through software company Valify Solutions.
In the securities brokerage sector, Halan Securities Brokerage received approval to use financial technology in conducting its licensed activities and mechanisms through V-Lens.
MNT-Tech Holding for Financial Investments was also authorized to use fintech in providing custody services through the same electronic verification company.
Additionally, HC Securities and Investment received approval to integrate financial technology into its custody activities through V-Lens.
Fintech Startups Receive New Regulatory Licenses
As part of its support for emerging fintech businesses, the FRA granted Nice Deer Financial Solutions a license to conduct factoring activities using financial technology through V-Lens.
The authority also licensed Dayra Microfinance to conduct its activities using fintech as a startup operating in the sector, through Digified, an electronic identification solutions provider.
Azimut Investments – Egypt also received approval to use financial technology in conducting custody activities through Lumin Soft.
Further Approvals Granted to Securities Trading Companies
The list of approved companies also includes AF Securities Trading, which received authorization to use financial technology in conducting its licensed activities and mechanisms through V-Lens.
HC Securities Trading was also approved to integrate fintech into its licensed operations through the same electronic verification provider.
FRA Expands Digital Transformation Across Non-Banking Financial Markets
The approvals fall within the FRA's constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments in Egypt.
Its supervisory responsibilities cover capital markets, futures exchanges, insurance activities, real estate finance, financial leasing, factoring and securitization.
The authority is also responsible for approving the establishment and licensing of companies operating across these markets, whether they provide their services through traditional channels or by adopting financial technology.
Through these approvals, the FRA continues to support the digital development of non-banking financial services and expand access to technology-enabled financial solutions.
