الهيئة العامة للرقابة المالية

• FRA Grants Approval for Five Non-Banking Companies to offer Fintech Services.
• The following approved companies – Halan Consumer Finance, B.TECH Finance, Bokra Portfolio Formation and Management, U Consumer Finance and MNT Tech Holding – have entered into a collaboration with the outsourcing company Vlens.
• Manzil Fin has been approved as a consumer and real estate finance start up with a capital of 30 million Egyptian pounds (EGP).
• The Authority approves Lumin Soft for digital contract and record services, marking them as the second comprehensive fintech outsourcer.

The FinTech Committee has granted five non-banking financial institutions (NBFIs) approval to integrate all financial technology domains into their services. This comprehensive authorization is facilitated through their collaboration with Vlens, FRA-registered outsourcing provider. This strategic move highlights FRA’s dedication to accelerate the digital transformation of non-banking financial transactions, expanding financial service accessibility and supporting the Egypt’s financial inclusion goals.

The Committee granted license for Halan Consumer Finance, B.TECH Finance, U Consumer Finance, MNT Tech Holding, and Bokra Portfolio Formation and Management to utilize all financial technology domains.

On the other hand, Manzil Fin is launching as a new consumer and real estate finance start up with 30 million Egyptian pounds capital. This launch is facilitated by Authority Decree No. 268, which reduced the required capital for fintech startups to 15 million Egyptian pounds. Meanwhile, Lumin Soft, an outsourcing firm, has gained approval to broaden its services across all financial technology domains.

With the approval of the Committee, the five companies will leverage digital technologies for their licensed activities, including electronic identification, verification, and authentication (e-IDV); digital customer onboarding (e-KYC); electronic contract execution and digital record management (DRM), all facilitated through Vlens, a registered outsourcing provider.

The Committee approved the establishment of Manzil Fin, a consumer and real estate finance startup, in compliance with Law No. 5 of 2022, which regulates and develops the use of financial technology in non-banking financial activities, and Board decree No. 268 of 2023.

In a related context, Lumin Soft received approval to expand its services, adding electronic contract execution (e-contracting) for non-banking financial products and digital record management (DRM). This makes Lumin Soft the second outsourcing company to operate across all four financial technology domains.

Additionally, Bokra Portfolio Formation and Management obtains a license to utilize financial technology in its operations. This includes electronic identification, verification, and authentication (e-IDV), digital customer onboarding (e-KYC), e-contracting for non-banking financial products and DRM, all through Vlens, a registered outsourcing provider.