Arab Finance: The Financial Regulatory Authority (FRA) approved Digital Banker for Consumer Finance-Waiyak and CFH Asset Management to conduct non-banking financial activities using financial technology (fintech), as per a statement.
The FRA, chaired by Islam Azzam, approved the establishment of Digital Banker for Consumer Finance-Waiyak to provide consumer finance services through financial technology.
The company submitted its application before the FRA issued resolution No. 43 of 2026 in February, suspending applications for the establishment and preliminary approval of companies seeking licenses to provide consumer finance services using financial technology.
The FRA also cleared CFH Asset Management to use financial technology in forming and managing securities portfolios and investment funds.
The approvals are part of the FRA’s efforts to improve the efficiency and competitiveness of the sectors under its supervision, expand access to financial services, support investment attractiveness, and broaden the beneficiary base.
