Egypt's Financial Regulatory Authority has approved the first two projects to enter live testing in its regulatory sandbox for technology applications. The three-month tests, which may be renewed, cover remote assessment of motor insurance damage and digital identity verification using electronic passports. The motor insurance project, submitted by GIG Egypt, replaces traditional on-site inspections with remote damage assessments to shorten claims processing and reduce inspection costs. The second project, submitted by Lumin Soft with Azimut, uses near-field communication-enabled mobile devices to verify foreign nationals' electronic passports against International Civil Aviation Organization standards, enabling non-Egyptians to access insurance, investment platforms and other nonbank financial services in Egypt. During its first year, the sandbox received 49 projects, granted preliminary approval to seven and provided regulatory guidance to 45 entities.

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