Financial Supervisory Authority in Egypt Approves Use of Financial Technology in Brokerage and Non-Banking Financial Services
The Financial Supervisory Authority (FSA) in Egypt has authorized three securities brokerage firms to utilize a comprehensive range of financial technologies for their operations. The firms approved are Telda, Balton, and Thandar.
This integration of financial technology encompasses vital processes such as identification, authentication, and customer recognition. Additionally, it facilitates the electronic execution of contracts concerning non-banking financial products.
Moreover, the authority has extended approval to five non-banking financial companies to leverage financial technology in offering their services. These companies include Immediately for consumer financing, B-Tech for financing solutions, and Yuo for consumer finance.
According to the FSA’s official statement, this initiative is designed to expedite the digital transformation of financial services in Egypt. It emphasizes the necessity for these companies to adhere to cybersecurity measures and data protection protocols, thereby ensuring market stability.
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