Digified Obtains FRA Approval for AI-Powered Digital Onboarding in Egypt
Digified has announced that it has received approval from the Financial Regulatory Authority (FRA) in Egypt for its AI-driven digital onboarding, eKYC, and e-contracting solutions designed for non-banking financial institutions (NBFIs). This regulatory clearance marks a significant step forward for fintech innovation in the Egyptian market.
# Streamlining Digital Finance in Egypt
The FRA’s approval allows lending, investment, and insurance firms operating under its regulation to establish digital identities, conduct electronic Know Your Customer (eKYC) procedures, and execute legally binding contracts entirely digitally. This eliminates the need for paperwork, physical signatures, and in-person interactions. These digital contracts hold the same legal standing as traditional documents in Egyptian courts, effectively enabling fintech applications to function as official digital branches. Digified acknowledged the crucial backing from partners such as Plug and Play, Creativa Innovation Hub, and ITIDA, whose investments and support were vital in achieving this milestone.
Digified’s FRA approval signals a major advancement for the Egyptian fintech landscape, paving the way for more efficient and accessible financial services through AI-powered solutions.
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