• Egypt’s FRA grants Lumin Soft preliminary approval to join its Regulatory Sandbox, promoting FinTech and innovation in financial services.
• Lumin Soft’s project enables non-Egyptians to verify identities via e-passports using NFC, supporting seamless digital investment access.
• This will allow live-testing of digital ID solutions, ensuring secure, ICAO-compliant e-passport validation under FRA oversight with Azimut Egypt.

Lumin Soft

Egypt’s Financial Regulatory Authority (FRA) granted Lumin Soft preliminary approval to join the Regulatory Sandbox (FRA Sandbox). This is part of the FRA’s strategy to promote FinTech and develop digital services within non-banking financial activities. This makes Lumin Soft the third company to receive such approval since the Sandbox’s inception.

The FRA Sandbox is a sophisticated regulatory tool designed to foster financial innovation. It provides a regulated environment for companies to test innovative business models and technological solutions before a full market launch. Thus, strengthening the market’s capacity to absorb modern digital solutions and accelerates the digital transformation of financial services.

Digital Identity

Lumin Soft is a software house that specializes in digital identity, e-verification, and digital contracts. The company submitted a project designed to verify the identities of non-Egyptians using electronic passports (e-Passports). Through leveraging Near Field Communication (NFC) technology, the project seeks to enable a seamless, end-to-end digital identity verification process via mobile devices.

Ahmed Khalifa, Executive Director of Regulatory Sandbox, stated that the project serves as a practical model for leveraging digital transformation to enhance financial services. He also notes that it empowers non-Egyptians to access investment opportunities across various asset classes in Egypt. 

The project relies on reading and validating e-passport data in accordance with the International Civil Aviation Organization (ICAO) Public Key Directory (PKD) standards. Thus, ensuring highest levels of process security and data integrity.

Following its entry into the Sandbox, Lumin Soft will live-test its digital ID solutions and e-passport integration. By syncing with Azimut Egypt, the model facilitates secure, regulated investment processes under the FRA’s oversight.