- FRA Grants VLens a License to Operate Non-Banking Financial Services
- The License is Part of FRA’s Approval for Nine FinTech Companies in Egypt
- VLens Aims to Enhance Digital Services to Support Companies in Finance and Insurance Sectors
VLens, a platform specializing in electronic verification and contracting, has obtained a license to operate non-banking financial activities from the Financial Regulatory Authority (FRA).
The licensing of VLens came as part of FRA’s approval for nine other companies operating in the financial technology (FinTech) sector.
With this license, VLens will provide its services using financial technology to major corporations and startups in the fields of insurance, finance, and capital markets.
The FRA license enables financial service providers to digitally contract with clients without requiring them to visit physical branches.
VLens is one of the companies that offer fully digital financial technology services, eliminating the need for traditional paper-based contracts.
It has been officially registered in the FRA’s outsourcing records under Decision No. 1224 of 2024, in alignment with new legislation facilitating the establishment of technology-driven firms in non-banking financial sectors.
Mohamed Mamdouh, CEO of VLens, stated:”Eliminating or reducing the need for physical branches in non-banking financial services and legally recognized electronic contracting in Egypt was once just a dream”.
“Today, it has become a reality, thanks to the effective FRA regulations and its true support for the private sector.”
He added:”At VLens, we are building Egypt’s digital reality.
The future starts now, not tomorrow. We are proud to be a success partner for all non-banking financial companies under FRA’s umbrella that seek to expand and enhance their services through digital transformation.”
Companies Utilizing VLens Infrastructure After FRA Approval:
- Insurance sector: Misr Insurance, Tharwa Insurance.
- Finance sector: ValU, Halan, Milo – BTECH Finance.
- Capital markets sector: Beltone, Telda, MNT-Halan, Bokra Holding.
These companies leverage VLens’ services in various financial technology fields under Decision No. 140 of 2023, including:
- Electronic identification, verification, and authentication.
- Electronic Know Your Customer (eKYC) processes.
- Digital contracting for non-banking financial products.
- Electronic registration, storage, and retrieval of digital records.
Additionally, VLens offers advanced technologies such as:
- Optical Character Recognition (OCR).
- Face Matching technology.
- Liveness Check.
- Anti-Spoofing Fraud Detection.
These technologies ensure accuracy and efficiency in digital transactions.
Mamdouh added:”Under the leadership of Dr. Mohamed Farid, the FRA has successfully enhanced digital identity verification, making it more robust than traditional verification methods.
The issuance of Decision No. 30 of 2025, which mandates personal data verification, marks a significant milestone in Egypt’s digital evolution.”
The VLens platform, developed in-house, leverages cutting-edge AI technologies to provide customized solutions that meet each company’s specific needs.
These solutions include:
- Customizable API interfaces.
- Seamless integration with operational systems.
- Full compliance with legal and regulatory requirements.
This milestone reinforces VLens’ commitment to supporting digital transformation and financial inclusion, in line with Egypt’s Vision 2030.
By enabling companies to deliver services with the highest standards of efficiency and innovation, VLens continues its leadership in strengthening Egypt’s financial sector and building trust in the digital ecosystem.
