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Financial Authority approves 6 tech firms
The General Authority for Financial Regulation has decided to grant six companies licenses to carry out non-banking financial activities based on financial technology, with the aim of supporting digital transformation and expanding non-banking financing services. The decisions included approval for Welsh Financial Holding Company to engage in custody services, activation of Welsh Securities Trading Company utilizing technology, as well as the establishment of two startups: Pay Mob and Med Bank, focused on digital financing for small and medium-sized enterprises. Additionally, approval was given for Fawry to be registered in the outsourcing service providers register, and a license was granted to Soudah to engage in consumer financing using technology, to facilitate access to financial services and develop non-banking financial markets.
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