CAIRO - 28 May 2024: The Financial Regulatory Authority (FRA) has approved the establishment of Flind Company, a start-up using financial technology, to provide financing for small and medium-sized enterprises. The decision was made by the FRA's committee responsible for approving the use of financial technology in non-banking financial activities. Additionally, the committee approved the creation of V.Lens, a company specializing in electronic identification, verification, and authentication services. Farid further stated that the FRA has mandated all companies applying to use financial technology in non-banking financial services to adopt mechanisms and methodologies for managing and governing technological risks. The use of financial technology and the digitization of non-banking financial transactions are expected to enhance the capabilities of the non-banking financial sector, improving coverage in areas such as insurance, investment, and financing.

Source: Egypt Today May 28, 2024 19:26 UTC