Egyptian Financial Regulatory Authority Approves Establishment and Licensing of 12 Companies

The Egyptian Financial Regulatory Authority approved the establishment, registration, or licensing of 12 entities whose activities span real estate and agricultural investment funds, portfolio and fund management, venture capital, securities custody, debt collection, and medical insurance.

Both "MNT-Halan" and "Azimut Investments Egypt" obtained securities custody licenses. These licenses allow both companies to hold clients' securities and conduct settlements on their behalf, a fundamental activity in settling securities trades.

Three new debt collection companies joined the registry, bringing the number of licensed companies in this activity to 11. This means that the Egyptian market now includes a larger number of companies qualified to collect non-performing debts on behalf of banks and finance companies.

"CarePlus Medical Network" obtained the second temporary license granted under the Unified Insurance Law No. 155 of 2024. Temporary licenses are usually granted to enable the company to start operations before fulfilling the final licensing requirements.

What Do These Terms Mean?

Financial Regulatory Authority: The Egyptian government agency that licenses and supervises non-banking financial activities such as insurance, securities, and finance.

Securities Custody: A service in which a licensed entity holds investors' securities and executes settlements on their behalf instead of holding them with each broker.

Temporary License: An initial approval granted to a company for a limited period to conduct business before fulfilling the final licensing requirements.