The company's focus extends to electronic customer identification, electronic contract finalization, as well as electronic record registration, preservation, and retrieval.
The Financial Regulatory Authority (FRA) approved the establishment of Flend Company for Financing Small and Medium Enterprises as a start-up company using financial technology.
The committee for deciding on applications for the use of financial technology in non-banking financial activities, headed by Mohamed Al-Sayyad, Vice President of the FRA approved the decision.
In addition, the committee approved the creation of V.Lens, a company specializing in electronic identification, verification, and authentication.
The company's focus extends to electronic customer identification, electronic contract finalization, as well as electronic record registration, preservation, and retrieval.
Chairman of FRA, Mohamed Farid, highlighted the swift progress in digitizing non-banking financial transactions, driven by the recent legislative and regulatory decisions based on Law No. 5 of 2022.
Farid added that the Authority has obligated all companies applying to use financial technology in non-banking financial services to adopt mechanisms and methodologies for managing and governing technological risks.
He stressed that the use of financial technology and the digitization of non-banking financial transactions enhances the capabilities of the non-banking financial sector to achieve insurance, investment and financing coverage.
