Egypt’s Financial Regulatory Authority (FRA) has approved AF Securities Brokerage to use fintech in its licensed activities and operations through electronic verification provider V-Lens, according to a statement.
The approval covers electronic identification, verification and authentication, as well as customer onboarding and the conclusion of contracts for non-banking financial products. It also allows the company to register, store and retrieve digital records under the rules governing fintech use in the sector.
The FRA also approved nine other companies to conduct non-banking financial activities using fintech solutions. The approvals included Misr Life Insurance and Halan Securities Brokerage, which will use V-Lens, while PAM Asset Management received approval to use Valify Solutions.
Other approvals covered custodial services at MNT Tech Holding for Financial Investments, HC Securities & Investment and Azimut Investments-Egypt. Nice Deer was approved to conduct factoring activities using V-Lens, while Dayra Microfinance was licensed to operate as a fintech startup using digital identification services from Digified.
According to the statement, the approvals were issued under Egypt’s fintech regulations for non-banking financial activities and are intended to support digital transformation and broader financial, investment and insurance inclusion.
Source: Zawya
