The Financial Regulatory Authority (FRA), chaired by Islam Azzam, has approved six companies to conduct a range of non-banking financial activities using financial technology (fintech), through its committee responsible for reviewing applications to use fintech. The move is part of the FRA’s ongoing efforts to expand access to non-banking financial services, support digital transformation and promote technological solutions to develop the sector.
The decisions included approval for Wilzy Financial Holding to conduct securities custody activities using fintech, as well as approval for Wilzy Securities Trading to conduct its activities and use the mechanisms authorised for it through fintech.
The FRA also approved the establishment of two fintech start-ups: Paymob Financing for Small and Medium Enterprises and MIDBANK Digital Financing for Small and Medium Enterprises (SMEs).
The authority further approved the registration of Fawry for Banking Technology and Electronic Payments in its register of fintech outsourcing service providers. The company’s services will be restricted to its subsidiaries and will not extend to other companies engaged in non-banking financial activities.
The approvals also included authorising Souhoola, the consumer finance arm of Banque Misr, to conduct its activities using fintech through V-Lens. The company had submitted its licensing application before the FRA issued Resolution No. 43 of 2026 in February, suspending the acceptance of applications for the incorporation and licensing of companies to conduct consumer finance activities using fintech for one year.
The approvals are expected to further promote the use of digital solutions in capital market-related services, while supporting the adoption of technological solutions in consumer finance and financing for micro, small and medium-sized enterprises.
The approvals fall within the FRA’s constitutional and legal mandate to regulate and supervise non-banking financial markets and instruments. Its remit covers capital markets, futures exchanges, insurance, real estate finance, financial leasing, factoring and securitisation, as well as approving the establishment and licensing of companies operating in these markets, whether they conduct their activities through traditional methods or using fintech.