FRA Approves Fintech Expansion and Start-up Launches

The FRA has approved several initiatives aimed at enhancing access to non-banking financial services and promoting digital transformation within the sector.

Wilzy Financial Holding and Wilzy Securities Trading have been granted permission to perform securities custody activities and conduct their operations using fintech mechanisms.

Two fintech start-ups, Paymob Financing and MIDBANK Digital Financing, have been approved for establishment to support small and medium enterprises.

Fawry has been registered as a fintech outsourcing service provider, with its services limited to its subsidiaries and not extending to other non-banking financial entities.

Souhoola, the consumer finance division of Banque Misr, has been authorized to operate using fintech through V-Lens.