الهيئة العامة للرقابة المالية

• Approvals were granted to Digified, VLens, Nice Deer, Dayra, and iSupply.

FRA’s FinTech Committee has approved five companies to expand operations, allowing them to add new FinTech fields, renew outsourcing registration and establish FinTech-driven startups within the non-banking financial sector.

The Committee gave the green light to (Digified), already listed in the Outsourcing Registry, to broaden its scope. (Digified) can now perform electronic contract execution for non-banking financial products and manage electronic registration, preservation, and retrieval from digital records. This expansion allows (Digified) to operate across all FinTech domains.

In a move to foster innovation, the Committee also approved the establishment of three new startups: Nice Deer for Factoring, Dayra for Microfinance and iSupply. These companies are set to utilize fintech in their operations.

Finally, the Committee also approved the renewal of VLens Company’s registration in outsourcing registry.

Established by FRA Chairman’s Decree No. 3196 of 2023, FRA FinTech Committee plays a pivotal role in regulating and fostering innovation within Egypt’s rapidly evolving FinTech sector. Its mandate encompasses making decisions on applications for establishing and licensing Fintech companies. The Committee also processes requests from already licensed entities seeking to integrate specific FinTech areas into their operations, as well as applications for registration in the Outsourcing Registry and for temporary licenses for FinTech startups. A key function also involves proposing and developing executive regulations and rules to support the effective implementation of FinTech law.