الهيئة العامة للرقابة المالية

• Debt collection firms reach 11 with new additions… second temporary license granted for specialized medical insurance

As part of ongoing efforts to broaden the non-banking financial sector and diversify financial services and products, Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has approved the establishment, registration, and licensing of 12 companies and entities across various non-banking financial activities, alongside the incorporation of specialized funds and companies.

The decisions include approving the incorporation of “Taj Misr Tourism Real Estate Asset Investment Fund Company” and “Taj Misr Real Estate Fund Company” to operate as real estate investment funds, alongside the establishment of “Taj Misr for Securities Brokerage Underwriting Promotion and Real Estate Investment Fund Management.

In capital market activities, FRA granted “Lantis for Portfolio and Investment Fund Management” a license to conduct portfolio management, investment fund management, and securities underwriting promotion.

 Additional approvals include licensing “Al-Ahli Group Green Agriculture Investment Fund” and establishing “Al-Manzlawy Venture Capital” to acquire equity stakes in Special Purpose Acquisition Companies (SPACs).

Within custodian activities, FRA licensed “MNT Tech Holding Company for Financial Investments” and “Azimut Investments Egypt” to operate as custodians, reinforcing investment services and capital market infrastructure.

To tighten market discipline and protect client rights in debt collection, FRA registered three new firms—”Trusty for Debt Collection and Field Inquiry,” “Prime Solutions Middle East for Debt Collection,” and ” “Taswya for Consulting and Debt Collection”—bringing the total number of registered collection companies to 11.

In the specialized medical insurance sector, “Care Plus Medical Care” received a temporary license to operate as a Specialized Health Maintenance Organization (HMO), raising the number of entities holding temporary licenses to two in this newly regulated activity under the Unified Insurance Law No. 155 of 2024.

These approvals fall within the constitutional and legal mandate of the FRA to regulate and supervise non-banking financial markets and instruments. This encompasses capital markets, futures exchanges, insurance activities, mortgage finance, leasing, factoring, securitization, consumer finance, and other activities, alongside its mandate to approve the establishment and licensing of companies operating in these markets.

Incorporation, licensing and activity-related approvals are issued based on recommendations from Incorporation and Licensing Committee. This committee is tasked with reviewing and issuing initial and final approvals for companies, requests to add activities and mechanisms, opening, closing, and relocating branches, reviewing amendments to statutes, adopting incentive systems and amendments, changing the legislative framework for companies operating in securities and consumer finance, and examining liquidation requests or voluntary temporary suspension of activity.