Egypt’s Financial Regulatory Authority (FRA) has approved live testing for the first two projects in its fintech regulatory sandbox, FRA-Sandbox.
The projects will initially be tested for three months, with possible extensions based on agreed operating plans and approval from the committee overseeing fintech applications in non-banking financial activities.
GIG Egypt’s project uses remote inspection and damage assessment for comprehensive motor insurance. The solution is designed to speed up insurance procedures and claims processing while reducing inspection costs and improving transparency.
The second project, developed by Lumin Soft with Azimut, uses electronic passports to create and verify digital identities. Foreign nationals can use NFC-enabled mobile devices to authenticate their passports, supporting access to insurance, investment platforms and other non-banking financial services in Egypt.
According to the FRA, the sandbox has received 49 project applications, with seven receiving preliminary approval, including the two now entering live testing. It has also provided regulatory guidance to 45 entities assessing the feasibility and compliance of their solutions.
The FRA said the live-testing phase marks a new stage for the sandbox after its first year and is intended to support innovation and digital transformation in Egypt’s non-banking financial sector.
Source: Zawya
