Egypt Financial Regulatory Authority approves multiple fintech authorisations including Adva consumer finance licence and VLens e-KYC outsourcing services

Egypt’s Financial Regulatory Authority’s committee responsible for assessing requests to use financial technology in non-banking financial activities approved a set of fintech-related authorisations across consumer finance, investment fund transactions and brokerage-related digital onboarding and contracting. The approvals covered Adva for Consumer Finance, Granite Holding for Financial Investments, Commercial International Brokerage for Securities, Lumin Soft, EFG Holding Group, EFG Hermes International for Securities Brokerage, and Hermes for Securities Brokerage. Adva for Consumer Finance was licensed to conduct consumer finance activity as a fintech start-up. Granite Holding for Financial Investments was authorised to use fintech to receive subscriptions in investment fund documents and to receive and execute purchase and redemption transactions for open-ended investment fund documents. EFG Hermes International for Securities Brokerage, Hermes for Securities Brokerage and EFG Holding Group were approved to use VLens, registered in the authority’s fintech outsourcing service providers register (No. 4), to provide electronic identification, verification and authentication, e-KYC, electronic contracting for non-banking financial products, and electronic registration, storage and retrieval from digital records. Lumin Soft, registered as a fintech outsourcing provider (No. 1), was approved to add a new technology technique to its activity.