- The Financial Regulatory Authority (FRA) has decided to grant Granite Holding’s platform a license to operate technology-driven non-banking financial activities and manage digital assets.
The license enables Granite Holding to expand its range of digital financial services and provide greater cash flexibility and financial freedom for its clients.
The Financial Regulatory Authority (FRA) has approved Granite Holding for Financial Investments, a digital asset management platform, to operate non-banking financial activities using financial technology (FinTech).
Under the license, Granite Holding is authorized to conduct FinTech-based non-banking financial activities, including receiving subscriptions for investment fund units, as well as processing the purchase and redemption of open-ended investment fund units.
The license supports the company’s efforts to implement comprehensive digitalisation standards in Egypt’s capital market, coinciding with the launch of “Granite Day-by-Day Account,” a fully digital product that enables both individual and corporate clients to open digital accounts and access required liquidity at any time, without restrictions or penalties.
For corporates, the digital day-by-day account provides an advanced digital dashboard that allows real-time monitoring of liquidity movements and cash flows, offering greater visibility and control over cash management. The generated returns are tax-exempt, enhancing corporate cash efficiency compared to holding liquidity in low-yield instruments.
Commenting on the announcement, Hisham Akram, Founder and CEO of Granite, said that the license enables the company to redefine asset management by leveraging technology to deliver innovative products tailored to client needs.
He added that financial transformation provides secure institutional solutions through simple digital tools accessible to both individuals and businesses, while delivering competitive returns.
Granite’s digital platform introduces a new customer experience in the Egyptian market by offering secure, seamless, and reliable financial solutions. Through a few simple steps on the app, individuals can activate their cash accounts and complete electronic Know Your Customer (e-KYC) procedures within minutes, without paperwork or branch visits, unlike traditional financial institutions.
The account offers full financial flexibility, allowing users to access their accounts 24/7 and benefit from daily compounded returns without restrictions. The Granite account can also be linked to any Egyptian bank account, enabling instant transfers to and from the account.
