Arab Finance: The Financial Regulatory Authority (FRA) has approved four companies to provide a range of non-banking financial services using financial technology, according to a statement.
The FRA licensed Ashal Holding to provide fintech microfinance services. It also granted MNZL a final license to offer consumer and real estate financing using fintech solutions.
In the investment fund sector, the FRA authorized Menthum to use financial technology to receive subscriptions to investment fund units and process purchases and redemptions of units in licensed open-ended investment funds.
Azimut Egypt also secured approval to establish a digital platform for private equity and venture capital funds.
The approvals are intended to develop specialized digital channels for non-banking financial activities and facilitate services related to private equity and venture capital fund investments.
