The Financial Supervisory Authority FRA has introduced a first-of-its-kind registry to officially register companies that provide technological risk assessment services for non-bank financing. The move is part of a broader strategy to promote digital transformation within the financial sector and enhance financial inclusion across Egypt.
The new registry will include firms that use advanced technological tools, such as artificial intelligence and digital data analysis, to evaluate credit and financing risks. These companies, often referred to as HBO companies, leverage smart, automated systems to make rapid and accurate assessments, enabling faster and more precise financing decisions outside traditional banking channels.
By establishing this registry, the FRA aims to formalize and support the growing role of technology in non-bank financial services. The initiative is expected to strengthen transparency, improve risk management practices, and encourage innovation in Egypt's broader financial ecosystem.
