Egypt Financial Regulatory Authority authorises Tilda, Beltone and Thndr to deliver securities brokerage through end to end fintech processes

The Egypt Financial Regulatory Authority (FRA) has approved three securities brokerage firms to conduct their licensed brokerage activity using all fintech domains for the first time. The permission covers electronic identification, verification and authentication, electronic know-your-customer, electronic contracting for non-banking financial products, and electronic recording, retention and retrieval of digital records. Under the approval, Tilda Securities Brokerage and Beltone Securities Brokerage will use these fintech capabilities through Vlens, an outsourcing provider registered in the FRA’s outsourcing register. Thndr Securities Brokerage will use Valify Solutions, also registered in the FRA’s outsourcing register, for electronic identification, verification and authentication and eKYC, while performing electronic contracting and digital records functions through its internal system. The FRA linked the move to its regulatory framework under Law No. 5 of 2022 on the use of fintech in non-banking financial activities, including requirements for technological risk management and governance, cybersecurity, and data protection; it also noted that four outsourcing providers have been registered under the framework and have begun contracting procedures with more than 80 non-banking financial institutions.