Egypt is advancing its efforts to make its financial sector more accessible to foreign investors through technology. The Financial Regulatory Authority (FRA) has granted preliminary approval for Lumin Soft to join its FinTech Regulatory Sandbox, marking another step in the country’s push to modernise financial services. The move is expected to improve how non-Egyptians access investment and other financial products by introducing a secure and efficient digital identity verification system.
Lumin Soft becomes the third company admitted into the sandbox since its launch. The programme provides a supervised environment where companies can test new technologies and business models before full market rollout, allowing regulators to assess risks while supporting innovation.
At the centre of this initiative is Lumin Soft’s digital solution, known as eNROLL, which enables electronic Know Your Customer (eKYC) verification using NFC-enabled e-passports. The system reads biometric passports through mobile devices using Near Field Communication technology, allowing users to verify their identity digitally without the need for physical documentation.
The solution is built on the International Civil Aviation Organization Public Key Directory standards, ensuring that identity verification meets global benchmarks for security and reliability.
Improving Access Through Secure Digital Identity
Through the FRA Sandbox, Lumin Soft will conduct live testing of digital identity creation using e-passports. The system will be integrated with the Azimut Investments Egypt platform, enabling foreign investors to access financial products once their identities are verified.
This includes access to services across Egypt’s non-bank financial sector such as investment, insurance and brokerage. By simplifying identity verification, the initiative addresses one of the main challenges faced by foreign investors when entering new markets.
Dr. Islam Abdel Azim Azzam, Chairman of the FRA, said enabling advanced digital mechanisms for verifying foreigners’ identities is an important step toward facilitating access to Egypt’s financial market and supporting foreign investment flows. He added that adopting such technologies reflects Egypt’s direction to strengthen its position as a regional fintech hub.
Eng. Ahmed Khalifa, Executive Director of the FRA Sandbox and Chief Data Officer, noted that the project highlights how technology can improve access to financial services and enhance the competitiveness of the non-bank financial sector.
Supporting Investment Growth and Market Competitiveness
The collaboration between Lumin Soft and Azimut Investments Egypt is expected to play a key role in driving the initiative’s impact. By linking digital identity verification with an established investment platform, the project creates a direct and regulated pathway for foreign investors to enter the Egyptian market.
Eng. Ahmed Sarhan, Chairman of Lumin Holding, described the approval as an important milestone and highlighted the company’s partnership with Azimut Egypt in enabling digital identity creation through e-passports.
Ahmed Abou El-Saad, Managing Director of Azimut Egypt and Head of Regional Asset Management for MENA and Turkey, stated that the project is expected to support increased foreign investment flows into Egypt and further strengthen the country’s position as a regional investment hub.
Overall, the initiative forms part of broader efforts to develop financial technology and strengthen the technological infrastructure of Egypt’s financial sector. By supporting solutions that improve access, efficiency and security, the FRA Sandbox continues to play a key role in shaping a more inclusive and competitive financial system.
