The Financial Regulatory Authority (FRA), chaired by Dr. Eslam Azzam, decided to grant approvals to 6 companies to practice a number of non-banking financial activities using financial technology (FinTech), through the Committee for Deciding on FinTech Use Applications.
Approval for "Wealthy Financial Holding" to Engage in Custody Activities Using FinTech
According to the FRA's statement today, the decisions included approving "Wealthy Financial Holding" to engage in custodian activities utilizing financial technology fields.
Approval for "Wealthy Brokerage" to Engage in Activities Using FinTech
Approval was also granted to "Wealthy Brokerage" to practice its activities and authorized mechanisms using FinTech.
Approval of the Incorporation of "Paymob Project Finance" and "MIDBANK Digital Finance"
The FRA also approved the incorporation of two FinTech startups: "Paymob for Medium and Small Enterprise Financing" and "MIDBANK for Small and Medium Enterprise Digital Finance".
Registration of Fawry in the FRA's Registry of Outsourcing Service Providers
The FRA further approved registering "Fawry for Banking Technology and Electronic Payments" in the FRA's registry of outsourcing service providers in FinTech fields, provided that the services rendered thereby are restricted strictly to its subsidiaries, excluding any other companies practicing non-banking financial activities.
Permitting "BM Consumer Finance – Souhoola" to Practice Activities Using FinTech
The approvals additionally included permitting "BM Consumer Finance – Souhoola" to practice its activity using financial technology through "Vlens", given that the company had submitted its licensing application prior to the issuance of FRA Decree No. (43) of 2026 last February, which suspended the receipt of incorporation and licensing applications for consumer finance activity using FinTech for one year.
The aforementioned approvals enhance the deployment of digital solutions in providing services related to the capital market, and support leveraging technological solutions in providing consumer finance services as well as financing for micro, small, and medium-sized enterprises (MSMEs).
These approvals are issued pursuant to the FRA's constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments, including capital markets, futures exchanges, insurance activities, real estate finance, financial leasing, factoring, and securitization, as well as approving the incorporation and licensing of companies operating in such markets, whether practicing their activities through conventional methods or utilizing financial technology.
