الهيئة العامة للرقابة المالية

• FRA has granted approval for establishing Lucky as a digital consumer finance startup.
• These decisions ensure compliance with tech and regulatory rules, expanding public access to non-banking financial services.
• Recent licensing decisions confirms the readiness of technological and regulatory infrastructure within the non-banking financial system.

Financial Regulatory Authority (FRA) has issued approvals for three companies to engage in micro-insurance, mortgage finance and consumer finance activities. These include approving the establishment of the first micro-insurance company, licensing the first mortgage finance startup and establishing a new consumer finance startup.

FRA’s licensing decisions enforce adherence to robust technological and regulatory standards, significantly expanding financial access for the Egyptian public across all non-banking financial services. These swift establishment and licensing approvals validate the readiness of the technological and regulatory infrastructure within the non-banking financial system.

FRA Board of Directors approved the establishment of Sawa the first micro-insurance company. This action aligns with the Authority’s mandate to implement the Unified Insurance Law and its subsequent executive decisions.

The Unified Insurance Law No. 155 of 2024 includes a dedicated legislative chapter that governs the establishment of specialized micro-insurance companies. This provision facilitates the development of simple insurance products tailored to specific community segments, enables the expansion of micro-loan insurance and supports the issuance of new insurance products.

In a related context, FinTech Committee issued an approval to MNZL Fin to practice mortgage finance, alongside its consumer finance activities. Furthermore, the Committee approved the establishment of Lucky as a new consumer finance startup.

FinTech Committee, established under FRA Chairman’s Decree No. 3196 of 2023, holds the primary mandate for reviewing establishment and licensing applications from companies intending to use financial technology for non-banking activities. Furthermore, it rules on requests from existing licensed firms seeking to integrate specific FinTech applications into their current operations.

The Committee’s authority also encompasses approving registrations in the Outsourcing Services Register, issuing temporary licenses for FinTech startups and formulating proposals for the executive regulations of FinTech Law.