Arab Finance: The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has granted approval to AF Securities Brokerage to use fintech in conducting its licensed activities and operations through the electronic verification firm VLens.

This approval allows the company to use fintech in electronic identification, verification, and authentication. This is in addition to electronic customer identification and the conclusion of contracts for non-banking financial products.

It also covers the registration, storage, and recovery of digital records, all in accordance with the regulatory rules governing the use of fintech in non-banking financial activities.

Moreover, the FRA granted approval to nine other companies to conduct various non-banking financial activities using fintech services, according to a statement. The approvals, overall, were issued as per Law No.5 of 2022 and the FRA's board decisions No. 139, 140, and 141 of 2023, which regulate the use of fintech in non-banking financial activities.

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 VLens.

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 VLens.

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

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

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

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.

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