• Egypt’s Valify just secured FRA approval to issue digital contracts and create tamper-proof electronic record-keeping systems.
• The license allows Valify to offer digital contract and registry services in full compliance with local regulations.
• This marks a step toward reducing Egypt’s reliance on foreign tech while aligning with the goals of Vision 2030.

Valify

Valify, Egypt’s RegTech innovator, just got a major regulatory boost. It has officially received a license from the Financial Regulatory Authority (FRA) to expand its integrated services to include the issuance of digital contracts and electronic registries. This pushes the local ecosystem closer to full digital transformation, a mission Valify has been championing from the start.

Through its newly licensed services, Valify enables enterprises, from financial institutions to SMEs to create and manage digital contracts. It also allows them to securely store and retrieve electronic records using blockchain technology. These services help cut operational costs by eliminating paperwork and manual processes. Additionally, they comply with Egypt’s Digital Contracts Law No. 5 of 2022, giving the services full legal standing.

Mr. Omar Abdel Wahed, the CEO of Valify, said: “We’re deeply honored by the FRA’s trust, which fuels our mission to drive inclusive digital transformation. This license isn’t just regulatory approval; it’s a mandate to keep delivering locally developed solutions that rival global standards, delivering innovative, secure solutions meeting local institutions’ aspirations.”

Digital Solutions

Founded in 2019 with entirely Egyptian capital and talent, Valify’s comprehensive suite of digital solutions is already integrated into major banks and corporations. Its clients span various sectors from finance to e-commerce and logistics. Furthermore, its services include eKYC (Electronic Know Your Customer) leveraging national ID databases, secure digital signing, smart contract platform and tamper-proof electronic recordkeeping systems. 

This is all hosted locally, thus beyond convenience, these services reduce reliance on foreign technology. It also promotes financial inclusion in alignment with the goals of Egypt’s Vision 2030. In addition, it aims to aid in delivering locally developed advanced digital tools that bolster the national economy and support technological sovereignty.

The approval reflects FRA’s recognition of Valify’s compliance standards and commitment to advancing secure digital solutions. As well as its ability to meet the evolving needs of the market. The move marks a fruitful collaboration between the FRA and Valify to foster innovation across Egypt’s fast-growing fintech ecosystem.