FRA Approves 7 Companies to Conduct Consumer Finance and Fintech Activities

The Committee for Deciding on Applications for the Use of Financial Technology in Non-Banking Financial Activities, operating under the supervision of the Financial Regulatory Authority (FRA), has approved granting Edva Consumer Finance a license to operate consumer finance activities as a fintech startup.

Fintech Applications

The committee also approved Granite Holding for Financial Investments to use fintech solutions to conduct subscription processes for investment fund certificates, in addition to receiving and executing purchase and redemption transactions for open-end investment fund certificates.

Approvals

Furthermore, the committee granted approval to EFG Hermes International Brokerage and Hermes Securities Brokerage, along with EFG Holding Group, to add VLens, registered in the FRA’s registry of fintech outsourcing service providers under No. (4) to provide electronic identification, verification, and authentication services; electronic know-your-customer (e-KYC) processes; electronic execution of contracts for non-banking financial products; and electronic registration, storage, and retrieval of digital records.

Outsourcing Services

The committee also approved Lumin Soft, registered in the FRA’s fintech outsourcing service providers registry under No. (1), to add a new technology solution to its existing scope of activities.

Source: Press Release