Fintech GRANITE Receives FRA Approval to Launch USD Fixed Income Fund
The fund, launched with Al Naeem Holding, will invest in USD-denominated savings instruments and allow weekly redemptions.
Granite Financial Holding, an Egypt-based digitally enabled asset management company, has received approval from the Financial Regulatory Authority to launch a USD-denominated fixed income fund, expanding the range of hard-currency investment products available in the Egyptian market.
The fund is being launched in partnership with Al Naeem Holding for Investments, with Granite acting as the investment manager overseeing USD-denominated instruments within the regulator’s approved frameworks.
According to the company, the fund will invest exclusively in savings instruments and other USD-denominated tools. Investors will be able to subscribe daily and redeem their investments on the first day of each week without restrictions or penalties, a structure designed to support corporate liquidity management.
“At Granite, we are working diligently with our partners at Al Naeem to promote the culture of using cash funds in Egypt as an effective tool for liquidity management and obtaining the highest returns through our smart financial solutions, which contributes to raising financial awareness and expanding the base of investors who benefit from the advantages of these tools within the Egyptian market," Hisham Akram, Founder and CEO of Granite Financial Investments Holding, said.
The offering will rely on electronic know-your-customer procedures as part of Granite’s digital operating model. The launch follows the company obtaining a licence from the Financial Regulatory Authority to conduct non-banking financial activities using financial technology, alongside the rollout of the Granite Money Market Account application as a digital liquidity management platform.
