The Egypt Financial Regulatory Authority’s committee responsible for approving the use of financial technology in non-banking financial activities authorised five companies to expand or begin fintech-enabled operations, covering additional fintech service areas, renewal of outsourcing-provider registration, and the incorporation of new start-ups. Digified, already registered as an outsourcing service provider, was approved to add electronic contracting for non-banking financial products and electronic registration, storage and retrieval of digital records, enabling it to operate across all fintech fields. The committee also approved the incorporation of Nice Deer Factoring, Daira Microfinance and iSupply as start-ups required to conduct their activities using fintech, and renewed V-Lens’ registration in the outsourcing service providers register. The committee was established under a 2023 decision by the head of the Financial Regulatory Authority and is mandated to decide on incorporation and licensing requests for firms seeking to conduct non-banking financial activities using fintech, including applications by already-licensed entities to introduce specific fintech fields, as well as outsourcing-register entries, temporary licences for fintech start-ups and proposals for implementing rules under the law governing fintech use.
Egypt Financial Regulatory Authority 2025-07-20
Egypt Financial Regulatory Authority approves five companies for expanded and new fintech-enabled non-banking financial activities
The Egypt Financial Regulatory Authority authorized five companies to expand or initiate fintech-enabled operations in non-banking financial activities. Approvals include Digified's expansion into electronic contracting and digital record management, and the incorporation of Nice Deer Factoring, Daira Microfinance, and iSupply as fintech start-ups. V-Lens' registration as an outsourcing service provider was also renewed.