{"id":27269,"date":"2024-05-30T19:42:47","date_gmt":"2024-05-30T16:42:47","guid":{"rendered":"https:\/\/entarabi.com\/?p=27269"},"modified":"2024-05-30T19:50:21","modified_gmt":"2024-05-30T16:50:21","slug":"the-financial-regulatory-authority-approves-the-establishment-of-two-new-companies-to-enhance-fintech-in-non-banking-activities","status":"publish","type":"post","link":"https:\/\/entarabi.com\/en\/2024\/05\/the-financial-regulatory-authority-approves-the-establishment-of-two-new-companies-to-enhance-fintech-in-non-banking-activities\/","title":{"rendered":"The Financial Regulatory Authority Approves the Establishment of Two New Companies to Enhance FinTech in Non-Banking Activities"},"content":{"rendered":"<p>The Financial Regulatory Authority (FRA), chaired by Dr. Mohamed Farid, has announced the approval of establishing two new startups in financial technology to support small and medium-sized enterprises (SMEs) and provide electronic verification and authentication services. The two companies are &#8220;Flind&#8221; for SME financing and &#8220;V.Lens,&#8221; which operates in electronic identification, verification, and authentication.<\/p>\n<h2><span style=\"font-size: 14pt;\"><strong>The Role of the Financial Regulatory Authority in Supporting FinTech<\/strong><\/span><\/h2>\n<p>Dr. Mohamed Farid explained that these approvals come as part of the FRA&#8217;s efforts to accelerate the digitization of non-banking financial transactions, in line with Law No. 5 of 2022, which regulates and develops the use of financial technology in non-banking financial activities. He emphasized that FinTech is a crucial element in achieving financial inclusion, allowing society&#8217;s largest number of individuals to easily and quickly access non-banking financial services.<\/p>\n<h2><span style=\"font-size: 14pt;\"><strong>Details of the Approvals and Relevant Legislation<\/strong><\/span><\/h2>\n<p>The committee responsible for approving the use of financial technology, chaired by Mohamed El-Sayed, Deputy Chairman of the FRA, approved the establishment of &#8220;Flind&#8221; as the first outsourcing company specializing in SME financing using FinTech. The committee also approved the registration of &#8220;V.Lens&#8221; in the FRA&#8217;s register of outsourcing service providers, by the Financial Technology Regulation and Development Law and the FRA&#8217;s relevant regulatory decisions.<\/p>\n<h2><span style=\"font-size: 14pt;\"><strong>Functions and Electronic Services of V.Lens<\/strong><\/span><\/h2>\n<p>After its registration, V.Lens will operate in several key areas, including:<\/p>\n<ul>\n<li>Electronic identification, verification, and authentication.<\/li>\n<li>Electronic Know Your Customer (eKYC) processes.<\/li>\n<li>Electronic contracting for non-banking financial products.<\/li>\n<li>Electronic registration, storage, and retrieval of digital records.<\/li>\n<\/ul>\n<h2><span style=\"font-size: 14pt;\"><strong>Companies&#8217; Commitment to Technological Risk Management Standards<\/strong><\/span><\/h2>\n<p>Dr. Farid pointed out that the FRA has required all companies wishing to use FinTech in non-banking financial services to adopt technological risk management and governance methodologies. The aim is to ensure companies&#8217; continuous efficient performance and protect their clients&#8217; rights, contributing to financial stability.<\/p>\n<h2><span style=\"font-size: 14pt;\"><strong>Supporting Financial Inclusion through FinTech<\/strong><\/span><\/h2>\n<p>The FRA Chairman emphasized that FinTech enhances the capabilities of the non-banking financial sector and supports Egypt&#8217;s vision of achieving financial inclusion and digital transformation. He added that FinTech is a key driver in facilitating access to non-banking financial services for all segments of society.<\/p>\n<p>These steps are part of the FRA&#8217;s vision to provide a conducive environment that helps companies grow and individuals access non-banking financial services easily and quickly, thereby enhancing financial inclusion and sustainable economic development in Egypt.<\/p>\n<p>Read Also: <a href=\"https:\/\/entarabi.com\/en\/2024\/05\/visa-welcomes-22-fintech-startups-from-across-africa-to-join-its-second-accelerator-program-cohort\/\">Visa Welcomes 22 Fintech Startups from Across Africa to Join its Second Accelerator Program Cohort<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Regulatory Authority (FRA), chaired by Dr. Mohamed Farid, has announced the approval of establishing two new startups in financial technology to support small and medium-sized enterprises (SMEs) and provide electronic verification and authentication services. The two companies are &#8220;Flind&#8221; for SME financing and &#8220;V.Lens,&#8221; which operates in electronic identification, verification, and authentication. The [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":27275,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1810,1772],"tags":[4645],"class_list":["post-27269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","category-startups","tag-financial-regulatory-authority"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/27269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=27269"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/27269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/27275"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=27269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=27269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=27269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}