فريق إنت عربي
- Egypt’s Financial Regulatory Authority grants preliminary approval for Lumin Soft to join the fintech regulatory sandbox.
- The company is developing a digital identity verification solution for non-Egyptians using e-passports and NFC technology.
- The initiative aims to simplify foreign investor onboarding and improve access to investment services in Egypt.
The Financial Regulatory Authority (FRA) has granted preliminary approval for Lumin Soft to join its fintech regulatory sandbox (FRA Sandbox), making the company the third participant since the sandbox’s launch. The move aims to support financial technology innovation and accelerate the development of digital services within Egypt’s non-banking financial sector.
Lumin Soft specializes in digital identity solutions, electronic verification, and digital contracts. The company has proposed a project focused on verifying the identities of non-Egyptians through electronic passports (e-Passports) using Near Field Communication (NFC) technology. The solution is designed to create a fully digital identity verification journey through mobile devices.
Dr. Islam Azzam stated that these digital mechanisms can facilitate the entry of foreign investors and enhance foreign investment flows into Egypt. Simplifying the process of identifying and verifying investors through secure digital channels strengthens the competitiveness of the Egyptian market.
The Lumin Soft project relies on reading and verifying data from electronic passports according to the Public Key Directory (PKD) standards established by the International Civil Aviation Organization (ICAO), ensuring both security and data reliability.
Azzam added that adopting advanced technological solutions in financial services reflects Egypt’s strategy to position itself as a regional hub for financial technology. Supporting digital innovation and strengthening the technological infrastructure of the financial sector are key factors in accelerating digital transformation and enabling the market to adopt modern digital solutions.
Within the sandbox environment, Lumin Soft will be able to conduct live testing of its business model, including the creation of digital identities using e-passports and integration with the investment platform of Azimut Investments Egypt. This integration will allow investors to access investment services under a regulated and supervised framework.
Ahmed Khalifa, Executive Director of the Regulatory Sandbox, said the project represents a practical example of how digital transformation can enhance financial services. It will enable non-Egyptians to access investment services in various asset classes within the Egyptian market while strengthening the efficiency and competitiveness of the non-banking financial sector.
