FRA Grants Lumin Soft Preliminary Approval for Fintech Sandbox

The Financial Regulatory Authority (FRA) has granted preliminary approval for Lumin Soft to join its FinTech Regulatory Sandbox, becoming the third company admitted to the programme since its launch.

Under the framework, Lumin Soft will test a digital identity verification model designed to authenticate the identities of non-Egyptians using electronic passports. The system reads e-passports through Near Field Communication technology on mobile devices, creating a digital pathway for identity verification within financial services.

The testing model relies on the International Civil Aviation Organization Public Key Directory standards to validate e-passport data and ensure the security and reliability of identity checks.

According to the FRA, the sandbox provides a supervised environment where companies can trial new technologies and business models before introducing them to the market. Through the pilot, Lumin Soft will create digital identities based on e-passport data and integrate the system with the Azimut Investments Egypt platform, enabling foreign investors to access financial products under regulatory oversight.

Officials stated that digital identity verification tools could simplify procedures for identifying foreign investors and facilitate access to non-banking financial services. The initiative forms part of broader efforts to support financial technology development and strengthen the technological infrastructure of Egypt’s financial sector.