FRA Backs Valu & Four Others Fintech Firms in Non-Banking Activities

Six companies have been approved to carry out non-banking financial activities using financial technology applications, according to the Financial Regulatory Authority.

The approvals include the establishment of Valu to provide financing for small and medium-sized enterprises as part of the fintech sector. CFH and Beltone Holding were cleared to offer custody services using fintech systems, enabled through Vlens, which specialises in electronic verification.

In capital markets, Cairo Capital Securities and Al Ahly Pharos received approval to practise securities trading using financial technology, also relying on Vlens for digital verification processes.

Separately, Orient Insurance secured preliminary approval to join the regulator’s sandbox framework, where it is developing a system to assess motor insurance damages remotely using digital tools.

The approvals were granted by the FRA’s Committee for the Establishment and Licensing of Companies, which oversees licensing, activity approvals, and operational changes for firms in non-banking financial services under regulatory frameworks.