In a significant step toward accelerating digital transformation in Egypt’s financial landscape, the Financial Regulatory Authority (FRA) has approved five fintech-related initiatives. These include the establishment of three new startups and the expansion of services by two existing companies, reflecting the country’s commitment to nurturing innovation in the non-banking financial sector. The approvals align with Egypt's broader strategy to promote financial inclusion and support technology-driven financial solutions.
Digified Broadens its Digital Services Portfolio
Digified, a company already listed in the outsourcing services providers register, has received FRA approval to expand its operational scope. The firm is now authorized to offer digital contracting of non-banking financial products, in addition to digital record registration, archiving, and retrieval services. With these additions, Digified now holds the capability to operate comprehensively across all areas of financial technology.
New Fintech Startups Enter the Market
Three new fintech startups have also secured regulatory approval to commence operations in Egypt’s non-banking financial sector. These include Nice Deer for Factoring, Dayra for Microfinance, and iSupply, each aiming to leverage digital solutions to enhance financial accessibility and efficiency. The introduction of these companies underscores the FRA’s ongoing support for emerging fintech enterprises that contribute to a more inclusive financial ecosystem.
VLens Secures License Renewal
In addition to new market entrants, the FRA also renewed the license for V Lens, allowing it to continue offering outsourced technology-driven services within the financial sector. This renewal follows enhancements to the company’s business scope, ensuring its continued alignment with regulatory standards and market needs. The decision further illustrates the FRA’s balanced approach to supporting both new and existing players in the fintech space.
Committee Oversight Ensures Robust Evaluation
The approvals were issued by the Committee for Reviewing Fintech Applications, a specialized body established under the FRA Chairman’s Decree No. 3196 of 2023. This committee is tasked with evaluating fintech applications related to company establishment, licensing, and service expansion within the non-banking financial sector. Its responsibilities also extend to reviewing proposals for amending Egypt’s Fintech Law, ensuring the regulatory framework evolves in tandem with industry developments.
The FRA’s latest decisions mark a pivotal moment for fintech innovation in Egypt, as both emerging and established players receive the support needed to thrive. By facilitating new market entries and broadening service scopes, the authority continues to pave the way for a digitally driven financial future. These developments not only enhance operational efficiency but also contribute to broader goals of financial inclusion and economic growth.