Arab Finance: The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has granted approval to 10 companies to conduct various non-banking financial activities using fintech services, according to a statement.

This decision supports the FRA’s ongoing efforts to expand the user base for such services, drive digital transformation, and foster financial, investment, and insurance inclusion.

The approvals include authorizing Misr Life Insurance to conduct its operations through fintech solutions provided by the electronic verification firm V-Lens.

Meanwhile, PAM Asset Management has been authorized to carry out its licensed activities using fintech solutions provided by the software company Valify Solutions.

The FRA has also granted Halan Securities Brokerage approval to utilize fintech solutions for its licensed activities and mechanisms through V-Lens.

MNT Tech Holding for Financial Investments has also received nod to employ fintech for its custodial services through the same provider, V-Lens.

Additionally, HC Securities & Investment has been authorized to use fintech solutions for its custodial operations through V-Lens.

The authority also granted a license to Nice Deer to conduct factoring activities using fintech, facilitated by the electronic verification firm V-Lens.

Dayra Microfinance has been licensed to operate as a fintech startup in the microfinance sector, utilizing the services of the electronic identification solutions provider Digified.

Azimut Investments-Egypt was granted a regulatory nod to use fintech for its custodial services through LuminSoft.

AF Securities Brokerage and HC Securities & Brokerage have both received approval to utilize fintech in conducting their licensed activities and operations, through V-Lens.