Egypt’s Financial Regulatory Authority (FRA) has approved 10 companies to use fintech solutions across licensed non-banking financial activities, according to an announcement.
The move is part of the regulator’s efforts to expand access to non-banking financial services, support digital transformation and promote financial, investment and insurance inclusion.
Misr Life Insurance received approval to use electronic verification solutions from V-Lens. PAM Asset Management will use fintech services from Valify Solutions for its licensed activities, while Halan Securities Brokerage was cleared to use V-Lens solutions.
MNT Tech Holding for Financial Investments and HC Securities & Investment were approved to use V-Lens for custodial services. Nice Deer will use the same provider’s technology for factoring activities.
Dayra Microfinance was licensed to operate as a fintech startup in microfinance using electronic identification solutions from Digified. Azimut Investments-Egypt received approval to use LuminSoft for custodial services.
AF Securities Brokerage and HC Securities & Brokerage were also cleared to use fintech solutions in their licensed activities and operations, through V-Lens.
Source: Zawya
