Egypt’s financial regulator approved six companies on Sunday, 18 October, to offer lending, investment and other financial services using financial technology, known as fintech, as it works to bring more people into the formal financial system. The Financial Regulatory Authority (FRA), which oversees financial businesses other than banks, said the approvals are meant to widen access to financial services, speed up digital transformation and encourage the use of technology in the sector. The authority announced that the decisions should expand digital tools in capital markets and support technology-based lending to consumers and to micro, small and medium-sized businesses. Among the approvals, Welzi Financial Holding can now hold securities on behalf of customers using fintech, and its sister company, Welzi Securities Trading, can carry out its licensed activities through digital tools. Two startups, Paymob Small and Medium-sized Enterprise (SME) Finance and MIDBANK Digital Financing for SMEs, were approved to serve small and medium-sized businesses. Fawry for Banking Technology and Electronic Payments was registered as a technology provider, though only to its own affiliates. Souhoola, a consumer finance company, can now operate through a platform called V-Lens. Souhoola applied before February, whenContinue reading "Egypt Approves Six Fintech Firms to Expand Access to Financial Services"
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