الهيئة العامة للرقابة المالية

• Telda, Beltone and Thndr are set to deploy fintech, featuring verification, authentication, KYC (Know Your Customer) procedures, and digital contract management and secure electronic records.
• These companies will implement their digital transformation through service contracts with Vlens and Valify Solutions, entities listed on outsourcing service providers’ registry.
• Expediting digital transformation is intended to empower a greater number of citizens with the opportunity to participate in the capital market.
• FinTech facilitates investment inclusion, while the Authority enforces strict cybersecurity and data protection standards to safeguard market integrity and investor interests.

FRA’s FinTech Committee has granted, for the first time, license to three securities brokerage firms to fully integrate fintech across their operational spectrum. These firms are Telda Securities Brokerage, Beltone Securities Brokerage and Thndr Securities Brokerage.

Pursuant to the specialized committee’s approval, Telda Securities Brokerage and Beltone Securities Brokerage are authorized to deploy FinTech solutions across their licensed brokerage activities, including: electronic identity verification, authentication, and validation; digital customer onboarding and due diligence (KYC/AML); electronic contract execution; and secure digital data management. These technological integrations will be implemented through a strategic partnership with Vlens registered within FRA’s outsourcing registry.

Thndr Securities Brokerage will also conduct its licensed brokerage activities, as authorized by the Authority, using fintech in the areas of electronic identification, verification, and authentication, as well as electronic customer due diligence, through Valify Solutions, a company registered in the Authority’s outsourcing registry. The electronic execution of contracts for non-banking financial products and the electronic recording, storage and retrieval of data from digital records will be carried out through the company’s internal system.

This initiative aligns with FRA sustained commitment to expedite the digitization of non-banking financial transactions, in accordance with legislative and regulatory decrees issued pursuant to Law No. 5 of 2022, which governs the regulation and development of financial technology in non-banking financial activities.

To safeguard market integrity and protect investor rights, the Authority mandates that all entities utilizing fintech within non-banking financial services implement robust technological risk management and governance frameworks. This ensures operational resilience and maintains financial stability.

Previously, FRA registered four technology-outsourcing providers in accordance with Law No. 5 of 2022, which governs FinTech in non-banking financial activities and FRA Board decrees 139-141 of 2023. These providers have initiated contracts with over 80 non-banking financial institutions.

The adoption of FinTech in securities brokerage will streamline investment processes, expanding stock exchange participation through seamless digital onboarding and eliminating the constraints of physical paperwork and branch visits.

FinTech streamlines account opening and trading, significantly reducing client time and costs. Moreover, it broadens market access to include younger demographics and the financially excluded groups. Digital solutions accelerate transaction execution, minimize human error, and bolster market efficiency, thereby fostering greater confidence in non-banking financial activities.