الهيئة العامة للرقابة المالية

• Approving the first registration of a fintech outsourcing company serving the non-banking financial sector

• The first company is “Flind” specializing in SMEs . The second company is “V.Lens”, focuses on digital identity solutions, including electronic identification, verification, and certification. They also offer services for electronic contracting, recordkeeping, and retrieval.

• Mohamed Farid : The green light for these companies is part of a push to speed up the digital transformation of non-bank financial services.

• FinTech acts as a powerful tool for driving financial inclusion, making non-bank financial services more accessible to a wider range of people.

• The Authority aims to foster a supportive ecosystem that fuels business growth and simplifies access to a wider range of financial services for individuals.

FinTech Licensing Committee chaired by Mohammed El-sayyad, FRA’s Vice- Chairman gave Flind, a new FinTech startup, the green light to launch and provide financial solutions to SMEs.

Also, the Committee gave the go-ahead for “V.Lens” company to register with the Authority’s outsourcing providers in accordance with Fintech Law no. 5 of 2022 and FRA’s BOD decision no. 139, 140, 141 of 2023.

 Greenlighted by a key committee,  V.Lens company can now operate as an outsourcing provider for electronic financial services. This includes tasks like verifying customer identities, handling digital contracts, and managing electronic records.

Dr. Mohammed Farid, FRA’s Chairman emphasized that these approvals aim to speed up digitizing non-bank financial transactions. This follows new laws and regulations issued by the Authority to support Law no.5 of 2022 on regulating and developing the use of financial technology in non-banking financial activities.

In addition, Dr. Farid stressed that companies using FinTech for non-bank financial services must follow strict risk management practices. This ensures they operate effectively and protect their clients, ultimately promoting a stable financial system.

FRA‘s Chairman  emphasized that FinTech and digitizing non-bank transactions boost the non-banking sector’s ability to offer insurance, investments, and financing to everyone. This aligns with Egypt’s goals of financial inclusion and digital transformation. He sees FinTech as a crucial tool for making non-bank financial services accessible to all segments of society.