الهيئة العامة للرقابة المالية

• The two projects feature remote vehicle damage inspection and assessment solutions and a digital identity solution using e-passports.
• Annual Milestones: FRA Sandbox received 49 project applications, granted initial approval to seven and advanced two to live testing.

Dr. Islam Azzam,  FRA Chairman:

• Growing collaboration between the Sandbox, fintechs, and innovators is driving the development of non-banking financial services.
• Market prosperity begins with companies evolving their products and services to meet changing consumer needs.

In a major step toward expanding technology and digital solutions across Egypt’s non-banking financial sector, Financial Regulatory Authority (FRA) chaired by Dr. Islam Azzam, approved the rollout of live testing for the first two projects in FRA-Sandbox. The projects are among 7 that received initial approval during the Sandbox’s inaugural year.

FRA granted both projects approval for a renewable three-month live testing period in accordance with operational plans agreed upon by project owners and approved by the Fintech Committee.

The first project is remote vehicle damage inspection and assessment solutions submitted by GIG Egypt. The solution provides a remote inspection model replacing traditional field visits for vehicle damage estimation. It aims to accelerate insurance processing, shorten claim cycles, enhance transparency and accuracy, reduce inspection costs for all parties and improve customer experience.

The second project, developed by Lumin Soft in partnership with Azimut, uses electronic passports (ePassports) and near-field communication (NFC) technology to verify digital identities in line with International Civil Aviation Organization (ICAO) standards. The solution allows foreign nationals to verify their identities through their mobile devices to access insurance products, investment platforms and other non-banking financial services in Egypt.

Dr. Islam Azzam praised the expanding cooperation between FRA-Sandbox and fintech innovators. He emphasized that FRA established the Sandbox a year ago as an open, flexible and secure incubator, allowing market participants and entrepreneurs to test and refine innovative solutions in line with legal and regulatory frameworks.

He added that the Authority aims to establish the Regulatory Sandbox as a premier regional hub, elevating the global standing of Egypt’s non-banking financial sector. The Sandbox bridges tech innovators, startups, institutional investors, research centers and academia – delivering not just a testing environment, but tailored regulatory guidance, legal awareness, knowledge-sharing and innovation competitions.

FRA Chairman reaffirmed the Authority’s dedication to empower companies to navigate evolving socioeconomic trends. This approach balances market growth with strong regulatory safeguards for consumer protection, data security and market stability.

Eng. Ahmed Khalifa, Executive Director of FRA-Sandbox, stated that live testing for vehicle damage inspection and assessment solutions and e-Passport projects marks a new chapter for the Sandbox after one year of operations. He noted that the milestone serves as an incentive for investors and innovators to accelerate digital transformation and promote sustainable financial inclusion.

He disclosed that the Sandbox has received 49 project submissions to date, granted initial approval to 7 (including the 2 entering live testing) and provided regulatory guidance to 45 entities. These efforts help assess solution feasibility and regulatory compliance prior to full market launch. The Sandbox has also launched a series of workshops on cybersecurity and fintech.

Khalifa noted that the Sandbox will soon host an event to highlight its first-year achievements as part of its ongoing engagement with industry experts, private sector institutions and fintech startups operating under FRA supervision.

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