Egypt’s financial sector has received a significant boost as the Financial Regulatory Authority (FRA) granted approvals to five companies, including prominent startups Nawy and Thndr, to broaden their scope of operations. The new licenses cover a range of activities from real estate fund management and venture capital to IPO underwriting, signaling a major step forward for the country’s fintech and proptech ecosystems.
FRA Greenlights Financial Innovation
The approvals were issued by the FRA’s Committee for the Establishment and Licensing of Companies, a body formed in 2023 to oversee the non-banking financial services sector. The committee’s mandate includes approving the establishment of new companies, the addition of new financial activities, and other key operational requests, streamlining the growth of innovative financial players in the market.
This move is set to enhance competition and provide more sophisticated investment and financial management tools to the Egyptian public and businesses.
New Licenses For Fintech And Proptech Leaders
The recent approvals will allow the companies to diversify their offerings and tap into new market segments.
Proptech platform Nawy, through its Nawy Shares arm, received approvals to promote, manage, and distribute securities for IPOs, as well as to manage real estate investment funds. This license enables the company to deepen its fractional real estate investment offerings.
Digital investment platform Thndr was granted a license to conduct portfolio and fund management activities, adding to its core business of providing commission-free access to stocks and mutual funds.
The FRA also approved CI Capital for fund and venture capital management, Co-Wealth for promoting securities for IPOs and managing real estate investment funds, and the establishment of the Co-Wealth Fund Company.
About Nawy
Nawy is an Egyptian proptech company that offers an end-to-end platform for homebuyers. The company simplifies the real estate journey by providing property search functionalities, brokerage services, and data-driven market insights. Through its “Nawy Shares” initiative, it also offers opportunities for fractional ownership in real estate assets.
About Thndr
Thndr is a Cairo-based digital investment platform licensed by the Financial Regulatory Authority. Its mission is to democratize investment in the MENA region by providing a user-friendly, commission-free mobile app that allows users to invest in stocks, mutual funds, and gold. The platform has played a key role in attracting a new generation of investors to the Egyptian stock market.
Source: Waya
