The Egypt Financial Regulatory Authority’s committee responsible for reviewing applications to use fintech in non-banking financial activities has approved, for the first time, Misr Insurance and Tharwa Insurance to issue supplementary motor insurance (zero) policies electronically using fintech. The approval allows the insurers to use technology for electronic identification, verification and authentication, electronic know-your-customer processes, electronic contracting for non-banking financial products, and electronic registration, archiving and retrieval from digital records, via Vlens, an outsourcing provider listed in the Authority’s outsourcing register. The Authority also reiterated that firms seeking to deploy fintech in non-banking financial services must implement technology risk management and governance methodologies, and noted that four outsourcing fintech providers have been registered under Law No. 5 of 2022 and related 2023 board decisions.
Egypt Financial Regulatory Authority 2025-03-18
Egypt Financial Regulatory Authority approves first electronic issuance of supplementary motor zero policies by Misr Insurance and Tharwa Insurance
The Egypt Financial Regulatory Authority approved Misr Insurance and Tharwa Insurance to issue supplementary motor insurance policies electronically using fintech, a first for non-banking financial activities. This includes electronic identification, verification, and contracting via Vlens, an approved provider. The Authority stressed technology risk management and governance, noting four fintech providers registered under Law No. 5 of 2022 and related 2023 board decisions.