Enhancing the financial inclusion and digital transformation in Egypt: VLens Gets the Approval of FRA to Provide smart-contracting Services
Cairo, May 29, 2024 – VLens, a leading provider of electronic identity verification and onboarding solutions, got approval from the Financial Regulatory Authority (FRA) to provide a group of services, including, electronic identification, verification, and authentication; electronic Know Your Customer (eKYC) processes, remote smart contracting for non-banking financial services, and electronic registration, preservation, and retrieval of digital assets. This approval is in accordance with Law No. 5 of 2022 and FRA Board Decisions No. 139, 140, and 141 of 2023.
This significant step enables all companies under FRA supervision, which provides insurance, capital market & securities, and lending activities including microfinance & consumable funding, to execute remotely smart contracts—with their clients without the need for physical signatures or in-person visits, which allows non-banking financial service providers to expand across all governorates without the necessity of having branches in each one.
Mohamed Mamdouh, CEO of VLens, stated: “The FRA’s approval to provide our digital services is a significant step towards achieving financial inclusion and facilitating access to non-banking financial services that fits all social classes. We are committed to providing the best technical solutions to support Egypt’s digital transformation. In addition to data security, governance compliance, risk management, and cybersecurity are at the forefront of VLens’ priorities, as we follow industry-leading security measures to protect customer information, ensuring the highest level of data protection.”
Mamdouh emphasized: “VLens team consists of distinguished professionals with extensive experience in financial technology and electronic verification. Utilizing advanced technologies, VLens team ensure the execution of accurate operations with the highest levels of quality and efficiency. VLens is equipped to deliver sophisticated technical solutions to meet Egypt’s non-banking financial market demands, ensuring accurate and secure operations that enhances the efficiency and quality of services provided to clients.”
“This accomplishment is a cornerstone in supporting Egypt’s Vision 2030 to achieve financial inclusion and digital transformation, reflecting the great efforts and significant development in Egypt’s legislation and regulatory mechanisms. It also strengthens the capabilities of the non-banking financial sector to achieve insurance, investments, and financial inclusion.” Said Mamdouh.
VLens operates in the field of electronic verification and know your customer (eKYC), utilizing an advanced platform developed in-house, which relies on cutting-edge artificial intelligence technologies. The company offers tailored solutions for verifying a wide range of documents, through dynamic APIs and SDKs to integrate with any operational management systems. VLens also uses state-of-the-art Optical Character Recognition (OCR) technology, Anti-Forgery sophisticated AI models, face matching technology, and liveness checks, ensuring efficient and accurate verification of customers worldwide, reducing fraud risks and enhancing compliance with legal requirements.
