• The approvals expand custody, securities brokerage and digital SME finance activities

The Financial Regulatory Authority (FRA), chaired by Dr. Islam Azzam, has approved 6 companies to carry out a number of non-bank financial activities using financial technology. The approvals were granted through the committee that rules on fintech applications, as part of the authority's ongoing efforts to widen the base of beneficiaries of non-bank financial services, support digital transformation and promote the use of technology solutions in developing non-bank financial activities.

The decisions include approval for Wellzy Financial Holding to carry out custody activities using fintech, and approval for Wellzy Securities Brokerage to carry out its activity and the mechanisms it is licensed for using fintech.

The authority also approved the establishment of two fintech start-ups: Paymob for Medium and Small Enterprise Finance, and MIDBANK Digital Finance for Small and Medium Enterprises.

The FRA also approved the listing of Fawry for Banking Technology and Electronic Payments in its register of fintech outsourcing service providers, provided that it serves only its own subsidiaries and no other companies engaged in non-bank financial activities.

The approvals also allow BM Consumer Finance – Souhoola to carry out its activity using fintech through V Lens. The company had applied for the licence before the FRA issued Decision No. (43) of 2026 last February, which suspended for one year the acceptance of applications to establish, and obtain licences for, consumer finance companies using fintech.

The approvals strengthen the use of digital solutions in delivering capital-market services and support the use of technology in providing consumer finance and finance for medium, small and micro enterprises.

The approvals fall within the FRA's constitutional and legal mandate to regulate and supervise non-bank financial markets and instruments, including capital markets, futures exchanges, insurance, mortgage finance, leasing, factoring and securitization, as well as approving the establishment and licensing of companies operating in those markets, whether they operate through traditional channels or using fintech.