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Egypt's FRA approves fintech licenses for six companies to expand digital financial services
via Egypt Today2 min read
Egypt's Financial Regulatory Authority FRA has approved six companies to operate in various fintech-driven activities. This initiative aims to enhance efficiency and broaden access to financial services, aligning with the FRA's strategy to accelerate technology adoption across non-banking financial sectors like capital markets, insurance, and non-bank financing, while also supporting innovation and startups. Among the approvals, "Valu for SME Financing" was established as a fintech startup. The FRA also granted "CFH" and "Beltone Securities Holding" licenses for custody services using fintech tools through "Valens," a firm specializing in electronic verification. Additionally, "Cairo Capital Securities" and "Al Ahly Pharos Securities Brokerage" received approval for trading activities utilizing Valens' digital verification systems. "Orient Insurance" secured preliminary approval to join the FRA's regulatory sandbox with a project for remote inspection and damage assessment in motor insurance.
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