Arab Finance: The Financial Regulatory Authority (FRA) has received requests from more than 10 fintech startups willing to engage in non-banking finance activities, Vice Chairman of the FRA Islam Azzam told Asharq Business.

The FRA recently set a minimum capital of EGP 15 million for emerging fintech firms seeking to practice non-banking financing activities.

The new decision applies to fintech startups seeking to obtain a license to practice one or more non-banking financing activities, such as mortgage finance, SMEs finance, microfinance, leasing, factoring, and consumer finance.

Furthermore, Azzam added that the FRA is currently studying allowing fintech startups to engage in insurance activities, but it has not set the required minimum capital for this.

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