FRA Grants Licenses to Four Companies in Non-Banking Finance and Investment Fund Activities

The Financial Regulatory Authority (FRA) Committee for Establishing and Licensing has given its nod to new licenses and expanded operations for several financial companies.

Expanded Activities and New Licenses
- Al Ahli Kuwait Egypt Leasing can now include factoring in its services.

- IFS Financial Solutions will add financial leasing to its existing factoring operations.

- Aspire Capital Holding for Financial Investments is now licensed to manage investment funds, either independently or with partners.

- AUR Real Estate Finance has also received approval to start its activities.

Bank Registration with FRA
Additionally, the Committee approved the registration of Arab African International Bank and Alex Bank at the FRA registry. This allows them to trade in government securities and financial instruments within the secondary market.Mandate of the FRA Committee for Establishing and Licensing
As the body designated under FRA Chairman’s decree No. 3060 of 2023, this Committee has a broad mandate that goes beyond just initial licensing. Its powers include:

-  Approving the establishment and licensing of new non-bank financial companies.

- Sanctioning requests for additional activities and mechanisms for existing firms.

- Overseeing changes in legal frameworks for companies in securities and consumer finance.

- Approving amendments to articles of association (both preliminary and final).

- Ratifying incentive and reward schemes.

- Providing opinions on suspending General Assembly resolutions for securities and consumer finance companies.

- Approving the opening, relocation, and closure of branches.

- Processing requests for liquidation, temporary, or voluntary suspension of activities.

Registration, renewal, and delisting of founding agents for non-bank financial companies.

https://fra.gov.eg/en/fra_news/%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A...