- Approval was granted to establish 3 fintech startups operating in the non-banking financial sector.
- Digified expands its scope to cover all areas of financial technology with new digital services.
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License renewals for Digified and “V Lens” in the outsourcing service providers register after enhancing their business scope.
In a move to boost digital transformation within the non-banking financial sector, Egypt’s Financial Regulatory Authority (FRA) has approved five new requests submitted by companies aiming to either expand their fintech services or establish new ventures powered by financial technology.
Digified Expands into All Areas of Fintech
Among the approved companies, Digified, already listed in the outsourcing services providers register, received approval to add two new areas to its business scope:
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The digital contracting of non-banking financial products.
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The digital registration, archiving, and retrieval of records.
With these additions, Digified is now authorized to operate across the full spectrum of financial technology services.
New Fintech Startups Approved
The committee also gave the green light to establish three new fintech startups:
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Nice Deer for Factoring
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Dayra for Microfinance
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iSupply
Each of these companies will operate in the non-banking financial sector using advanced fintech solutions, reflecting the FRA’s commitment to fostering innovation and financial inclusion across Egypt.
License Renewal for V Lens
In addition to the new approvals, the committee also renewed the registration of “V Lens” in the outsourcing service providers register, allowing the company to continue offering technology-driven financial services.
About the Fintech Committee
The Committee for Reviewing Fintech Applications was formed under FRA Chairman’s Decree No. 3196 of 2023, and it is responsible for evaluating:
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Establishment and licensing requests for fintech-based non-banking financial activities.
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Licensing for existing licensed entities looking to incorporate financial technology into their operations.
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Registration applications for outsourcing service providers.
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Temporary licensing for fintech startups.
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Proposals to develop and update the executive regulations of the Fintech Law in Egypt.
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