Egyptian investors will provide investment banking services via fintech

A group of local investors gathered on Tuesday to apply for a license from the Financial Regulatory Authority (FRA) to create the first company to operate in the field of investment banking through the use of fintech, which will be called

This is the first practical application of the recently enacted Fintech law in non-banking financial activities.

One of the founding players is Mohamed Aboul-Naga, a highly respected and esteemed investor in the fintech sector who also sits on several boards of different companies.

The remaining shareholder structure consists of Omar Amer, founding partner of Amer Holding Group and founder of Qastali Real Estate Investment, which is one of the largest real estate investors in Egypt; Omar and Adham Wagdy, founders of Basita Holding for financial investments; in addition to other respective investors in major financial companies and the fintech sector.

Additionally, Dreny & Partners has been appointed to act as legal counsel for this process.

Mohammed Aboul-Naga further stated that this license will be a breakthrough by allowing start-ups to sell part of their shares to investors through the platform, in addition to providing the opportunity for emerging investors to invest directly in start-ups. -ups or SMEs which they did not have the opportunity to invest before.

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Robert D. Coleman