Egypt’s FRA Approves Fintech Expansion and Establishment of Three New Startups

Egypt’s Financial Regulatory Authority (FRA) has granted approvals aimed at bolstering the country’s fintech ecosystem, greenlighting the expansion of existing services and the launch of new startups within the non-banking financial sector.

According to an official statement, five companies received regulatory clearance from the FRA’s committee responsible for reviewing fintech applications related to non-banking financial activities.

Among the approved firms, Digified, a licensed outsourcing service provider, was authorised to broaden its operations to include digital contract execution for non-banking financial products, along with digital services for registration, preservation, and retrieval of financial records.

The FRA also endorsed the official establishment of three new fintech startups: Nice Deer, Dayra, and iSupply, further underscoring the regulator’s commitment to fostering innovation in the financial services space.

Additionally, the committee renewed the registration of VLens Company as an outsourcing services provider, reaffirming its operational legitimacy within Egypt’s growing fintech landscape.

These regulatory actions reflect the FRA’s ongoing efforts to accelerate digital transformation and enhance the competitiveness of the non-banking financial sector through technology-driven solutions.