The Financial Regulatory Authority (FRA) announced that its regulatory sandbox for technological applications, the 'FRA Sandbox,' has welcomed around 38 FinTech projects related to non-banking financial activities in less than a year. This move clearly shows the growing interest from startups and financial institutions in developing innovative digital solutions within the Egyptian market. The Authority explained that the regulatory sandbox has given initial approval for 5 new projects to join. These include "GIG" and "Orient Insurance" in partnership with "EG InsureTech" for the insurance sector, "Cassbana" for digital microfinance brokerage, and "Lumin Soft" in collaboration with "Azimut" for verifying the identity of foreigners using e-passports.
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