Egypt’s non-banking financial landscape is set to expand as the Financial Regulatory Authority (FRA) has officially approved the establishment and licensing of six new companies. This strategic move aims to diversify the market and enhance services across key financial sectors, including securities, insurance, and investment.
A Diverse Cohort of New Players
The approvals grant licenses for a range of specialized financial activities. The newly licensed entities and their respective mandates include:
- Oliv, Taqa Financial Investments, and Fawry Holding for Financial Investments have been licensed to participate in the establishment of companies that issue securities or in the increase of their capital.
- Tharaa Insurance Brokerage will enter the market to engage in insurance brokerage activities.
- Beltone Securities Trading has been authorized to conduct dealing, intermediation, and brokerage in bonds.
- Emirates NBD Bank received approval to carry out the promotion and underwriting of securities.
Strengthening Regulatory Framework
These approvals were issued by the Committee for Establishing and Licensing Companies, which operates under the FRA’s supervision as per Chairperson Decree No. 3060 of 2023. The committee is tasked with a broad range of responsibilities critical to maintaining a healthy financial ecosystem.
Its mandate includes approving the incorporation of new companies, granting licenses, and overseeing amendments to company articles. The committee also provides opinions on general assembly resolutions and approves requests from companies to add new activities, change their legal framework, or manage their branch operations.
About the Financial Regulatory Authority (FRA)
The Financial Regulatory Authority is the primary government body responsible for supervising and regulating non-banking financial markets and instruments in Egypt. This includes the capital market, futures exchanges, insurance activities, real estate financing, financial leasing, factoring, and securitization. The FRA works to ensure market stability and protect the rights of stakeholders while fostering a competitive and transparent financial environment.
Source: Zawya
