Regulatory Alerts2022-01-01
Decision No. (58) of 2022 on Conditions and Procedures for Establishing, Licensing, and Approving Companies and Entities Conducting Non-Banking Financial Activities via FinTech Technologies
The Financial Regulatory Authority (FRA) of Egypt issued Decision No. (58) of 2022 to establish comprehensive conditions and procedures for the establishment, licensing, and direct approval of companies and entities conducting non-banking financial activities via FinTech technologies. The regulation mandates specific capital requirements, including a minimum 50% legal entity and 25% financial institution ownership, alongside strict technological infrastructure, cybersecurity insurance, and key personnel qualification standards. It further outlines a streamlined digital application process, a 30-day adjudication timeline, and compliance obligations regarding corporate governance, anti-money laundering controls, and record-keeping for both new applicants and existing market participants.