Egypt's Financial Regulatory Authority granted 10 companies approvals to run non-banking financial activities through financial technology. The decisions cover factoring, microfinance, asset management, securities brokerage, and custody. The authority announced the approvals under chairman Islam Azzam.
Approvals and digital partners
Misr Life Insurance received approval to operate through V-Lens for electronic verification. BAM Asset Management and Halan Securities Brokerage gained approvals through Valify Solutions and V-Lens, respectively. MNT Tech Holding and HC Securities and Investment received custody approvals through their own technology and V-Lens, respectively.
Startup and custody approvals
Nice Deer Financial Solutions received a license for factoring through V-Lens. Dayra Microfinance gained approval to operate through Digified for digital identity. Azimut Investments Egypt received a custody approval through Lumen Soft.
Trading approvals and digital shift
EF Securities Trading and HC Securities Trading received approvals to use fintech for their licensed activities. EF will use V-Lens for electronic verification. The authority said the approvals support digital transformation and financial inclusion.
The regulator said it oversees capital markets, insurance, real estate finance, leasing, factoring, and securitization. It also supervises futures exchanges and approves company formation and licensing. Firms may operate those activities traditionally or through fintech.