FRA Approves Fintech Integration for Three Brokerage Firms
The Financial Regulatory Authority (FRA) has granted approval to Telda, Beltone, and Thndr to integrate financial technology (fintech) into their brokerage operations.
This decision marks a significant milestone in modernizing Egypt’s capital market by enabling these companies to leverage fintech solutions for identity verification, authentication, customer onboarding, digital contract execution, and record-keeping. The move is expected to enhance the efficiency of brokerage services and create a more seamless investment experience for individuals.
The transition to digital operations will be supported through partnerships with Vlens and Valify Solutions, both of which are registered in the FRA’s outsourcing service provider registry.
The Committee for Fintech Applications in Non-Banking Financial Activities issued the approval, allowing Telda Securities Brokerage, Beltone Securities Brokerage, and Thndr Securities Brokerage to digitize essential processes, replacing traditional methods with more advanced and efficient technologies.
As part of this transformation, Telda and Beltone will implement fintech for electronic identity verification, authentication, and customer identification, while also utilizing digital contracts for non-banking financial products.
Their shift to digital record-keeping, storage, and retrieval will be facilitated by Vlens, an FRA-registered outsourcing service provider. Meanwhile, Thndr Securities Brokerage will integrate similar digital capabilities but will rely on Valify Solutions for identity verification and authentication, while handling digital contracts and records internally using its own systems.
This initiative aligns with the FRA’s broader strategy to accelerate the digitization of non-banking financial transactions. It follows the issuance of Law No. 5 of 2022, which promotes the use of fintech in non-banking financial activities, ensuring that digital financial services operate within a regulated framework.
The FRA remains committed to ensuring that all fintech-based brokerage services adhere to strict risk management and governance standards to protect investor rights, enhance financial stability, and foster a more secure financial ecosystem.