VLens, EFG Holding to pilot remote e-passport identity verification for foreign investors

EFG Holding has received an initial nod from the Financial Regulatory Authority (FRA) to test an NFC e-passport verification tool inside the FRA’s regulatory sandbox, according to a press release. In partnership with digital solutions provider VLens, the tool will allow foreign investors to verify their identity remotely through their NFC-enabled e-passport rather than in-person paperwork. It will roll out through EFG Hermes One, the group’s digital trading platform.

IN CONTEXT- This is the second NFC e-passport verification project to receive preliminary approval for the FRA Sandbox, and it remains in the pre-testing queue — not yet live. Lumin Soft, which joined the FRA Sandbox last March, obtained approval for the live testing of the same concept (NFC e-passport identity verification) last month. The FRA Sandbox, launched one year ago under then-chairman Mohamed Farid, has received over 50 project applications, granted preliminary approval to nine, and moved only two into live testing.

Smart lighting, made local

EV Industries is preparing to launch the first phase of its smart lighting controllers and drivers factory by the end of this month, with total investments of USD 15 mn, founder and CEO Tarek Abdelfattah tells EnterpriseAM. The first phase costs USD 4.5-5 mn and can produce 1 mn units per shift annually. The plant is the sixth global production facility for Chinese manufacturer Inventronics and will supply the Middle East and Africa.

IN CONTEXT- Egypt can manufacture about 75-80% of LED lamp components locally, but precision electronic components are still almost entirely imported from China. This factory brings controller and driver production in-house, replacing imports that drain foreign currency. EV Industries has partnered with the National Company for Telecommunication Services (NCTS) to host the smart city lighting system’s data locally, securing critical infrastructure. The plant is expected to draw on trade agreements between Egypt and several trade blocs to export to Europe and Africa duty-free.

Why it matters: Electricity tariff hikes have become the main driver for energy efficiency, with payback periods on smart systems down to 18-36 months. Switching from 250 W sodium lamps to 100 W LED floodlights cuts consumption by 40-60% through real-time dimming technology.

What’s next: The second phase is set to start operation between 4Q 2027 and 1Q 2028, with investments of up to USD 10 mn. The total production capacity of the plant, across its two phases, will be no less than 3 mn units. The alliance will roll out a proof of concept across 300k to 500k control units, starting in Shorouk, New Cairo, and Al Wahat Road in 6th of October City. The first actual MW savings are expected to register on the national electricity grid by 1Q 2027, Abdelfattah says.

• Logic Management Consulting says it’s preparing three companies for EGX listings next year as part of a five-company IPO pipeline that also includes two companies eyeing Saudi Arabia’s Tadawul, although they did not specify any names. (Al Borsa)
• Valu Jordan launched its first business phase in the Kingdom, opening three branches and launching merchant partnerships across retail, e-commerce, education, and electronics. (Press release, pdf)