{"id":13768814,"date":"2024-05-27T08:57:42","date_gmt":"2024-05-27T08:57:42","guid":{"rendered":"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%88%d8%a7%d9%81%d9%82-%d8%b9%d9%84%d9%89-%d8%aa%d8%a3%d8%b3%d9%8a%d8%b3-%d8%a3%d9%88%d9%84-%d8%b4%d8%b1\/"},"modified":"2024-05-29T11:06:03","modified_gmt":"2024-05-29T11:06:03","slug":"%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%88%d8%a7%d9%81%d9%82-%d8%b9%d9%84%d9%89-%d8%aa%d8%a3%d8%b3%d9%8a%d8%b3-%d8%a3%d9%88%d9%84-%d8%b4%d8%b1","status":"publish","type":"fra_news","link":"https:\/\/fra.gov.eg\/en\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%88%d8%a7%d9%81%d9%82-%d8%b9%d9%84%d9%89-%d8%aa%d8%a3%d8%b3%d9%8a%d8%b3-%d8%a3%d9%88%d9%84-%d8%b4%d8%b1\/","title":{"rendered":"FRA approves first-ever Fintech Startup for SME Financing  \u2013 Monday 27 May 2024"},"content":{"rendered":"<ul>\n<li><span style=\"color: #800000;\">Approving the first registration of a fintech outsourcing company serving the non-banking financial sector<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #800000;\">The first company is \u201cFlind\u201d specializing in SMEs . The second company is \u201cV.Lens\u201d, focuses on digital identity solutions, including electronic identification, verification, and certification. They also offer services for electronic contracting, recordkeeping, and retrieval.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #800000;\"> Mohamed Farid : The green light for these companies is part of a push to speed up the digital transformation of non-bank financial services.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #800000;\">FinTech acts as a powerful tool for driving financial inclusion, making non-bank financial services more accessible to a wider range of people.<\/span><\/li>\n<\/ul>\n<ul>\n<li><span style=\"color: #800000;\">The Authority aims to foster a supportive ecosystem that fuels business growth and simplifies access to a wider range of financial services for individuals.<\/span><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p>FinTech Licensing Committee chaired by Mohammed El-sayyad, FRA\u2019s Vice- Chairman gave Flind, a new FinTech startup, the green light to launch and provide financial solutions to SMEs.<\/p>\n<p>Also, the Committee gave the go-ahead for \u201cV.Lens\u201d company to register with the Authority&#8217;s outsourcing providers in accordance with Fintech Law no. 5 of 2022 and FRA\u2019s BOD decision no. 139, 140, 141 of 2023.<\/p>\n<p><strong>\u00a0<\/strong>Greenlighted by a key committee, \u00a0V.Lens company can now operate as an outsourcing provider for electronic financial services. This includes tasks like verifying customer identities, handling digital contracts, and managing electronic records.<\/p>\n<p>Dr. Mohammed Farid, FRA\u2019s Chairman emphasized that these approvals aim to speed up digitizing non-bank financial transactions. This follows new laws and regulations issued by the Authority to support Law no.5 of 2022 on regulating and developing the use of financial technology in non-banking financial activities.<\/p>\n<p>In addition, Dr. Farid stressed that companies using FinTech for non-bank financial services must follow strict risk management practices. This ensures they operate effectively and protect their clients, ultimately promoting a stable financial system.<\/p>\n<p>FRA\u2018s Chairman \u00a0emphasized that FinTech and digitizing non-bank transactions boost the non-banking sector&#8217;s ability to offer insurance, investments, and financing to everyone. This aligns with Egypt&#8217;s goals of financial inclusion and digital transformation. He sees FinTech as a crucial tool for making non-bank financial services accessible to all segments of society.<\/p>\n","protected":false},"author":7,"featured_media":13033440,"parent":0,"template":"","format":"standard","categories":[142,144],"tags":[],"fra_news_taxonomy":[2137,2138],"news_paper_taxonomy":[],"_links":{"self":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news\/13768814"}],"collection":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news"}],"about":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/types\/fra_news"}],"author":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/users\/7"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media\/13033440"}],"wp:attachment":[{"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/media?parent=13768814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/categories?post=13768814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/tags?post=13768814"},{"taxonomy":"fra_news_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/fra_news_taxonomy?post=13768814"},{"taxonomy":"news_paper_taxonomy","embeddable":true,"href":"https:\/\/fra.gov.eg\/en\/wp-json\/wp\/v2\/news_paper_taxonomy?post=13768814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}