The Financial Regulatory Authority (FRA) of Egypt has announced the issuance of brokerage licenses to three Egypt-based fintech startups: “Telda,” “Beltone,” and “Thndr.”
These licenses enable the companies to offer financial brokerage services utilizing financial technology, including full digital onboarding and electronic Know Your Customer (e-KYC) services.
This initiative aims to facilitate greater public access to investment in the Egyptian stock market, allowing clients to open accounts and commence their investment journeys entirely digitally, without the need to visit company branches or submit physical documents.
According to the FRA’s statement, “Telda” and “Beltone” will employ electronic identification, verification, and authentication technologies, along with e-KYC and electronic contract execution services, in collaboration with “Vlens,” a company registered with the authority.
“Thndr” will utilize similar technologies in partnership with “Valify Solutions,” while relying on its internal system for managing digital records.
This move aligns with the FRA’s efforts to promote the use of financial technology in non-banking financial services, emphasizing the necessity for companies to adhere to technological risk management and governance methodologies to ensure the protection of client rights.
