Fintech startups can now obtain a temporary, two-year license to provide non-bankfinancial services if they have at least EGP 15 mn in issued and paid-up capital following a new decision issued by the Financial Regulatory Authority (FRA) yesterday.

The details: Fintech startups will also need to have at least 25% of their capital owned by individuals or entities specialized in the tech sector to be eligible for the license under the FRA’s decision. Upon receiving their license, companies will have to roll out their NBFS within two months at most.

The FRA isn’t only interested in giving fintech startups a helping hand: The FRA gave all NBFS companies that have applied for a license a three-month window to meet the minimum capital requirement of EGP 75 mn in May.

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