Egypt's Financial Regulatory Authority approves four fintech licenses

The Egyptian Financial Regulatory Authority (FRA) has granted approvals to four companies to conduct non-banking financial activities using fintech. This initiative aims to support digital transformation, expand financial services, and enhance financial inclusion.

Among the approved entities, Asahl Financial for Microfinance received a license for microfinance activities via fintech. Manzel for Consumer and Real Estate Finance obtained final licensing for both consumer and real estate finance using technology. In the investment management sector, Montham Holding for Financial Investments was approved to manage investment fund subscriptions and execute transactions through digital channels. Additionally, Azimut Investments – Egypt was authorized to establish a digital platform specialized in private equity and venture capital funds.

Separately, the FRA reported that its regulatory sandbox for non-banking fintech applications hosted 49 projects during its first year. The FRA-Sandbox Summit highlighted the sandbox's role in providing a flexible and secure testing environment for entrepreneurs and startups to develop technological solutions that comply with legislative frameworks.