The transition to digital operations will be facilitated through partnerships with Vlens and Valify Solutions, both of which are registered in the FRA’s outsourcing service provider registry.
The Financial Regulatory Authority (FRA) has granted approval to three brokerage firms—Telda, Beltone, and Thndr—to conduct their operations using financial technology (fintech).
This approval marks a significant step in integrating technology into the capital market, enabling these companies to utilize fintech solutions for identity verification, authentication, customer identification, digital contract execution, and digital record-keeping.
The transition to digital operations will be facilitated through partnerships with Vlens and Valify Solutions, both of which are registered in the FRA’s outsourcing service provider registry.
The decision, made by the Committee for Fintech Applications in Non-Banking Financial Activities, allows Telda Securities Brokerage, Beltone Securities Brokerage, and Thndr Securities Brokerage to digitize key aspects of their operations.
Both Telda and Beltone will leverage fintech for electronic identity verification, authentication, and customer identification, as well as executing digital contracts for non-banking financial products.
They will also transition to digital record-keeping, storage, and retrieval, a process that will be facilitated by Vlens, an FRA-registered outsourcing service provider.
Meanwhile, Thndr Securities Brokerage will implement similar technological advancements, using Valify Solutions for electronic identity verification and authentication while managing digital contracts and records internally through its own systems.
This initiative aligns with the FRA’s ongoing efforts to accelerate the digitization of non-banking financial transactions, following the issuance of Law No. 5 of 2022, which regulates and promotes the use of financial technology in non-banking financial activities.
The FRA remains committed to ensuring that all companies utilizing fintech in financial services adhere to strict risk management and governance frameworks.
These regulations are designed to safeguard investor rights, enhance financial stability, and promote a more secure and efficient financial ecosystem.
In addition to approving fintech integration in brokerage firms, the FRA has also registered four outsourcing service providers specializing in financial technology, as per Law No. 5 of 2022 and Board Decisions No. 139, 140, and 141 of 2023.
These companies have already begun contracting with over 80 financial institutions operating in the non-banking financial sector.
The adoption of fintech in brokerage activities is expected to streamline investment processes, making it easier for individuals to access and participate in the stock market.
By allowing brokerage firms to fully integrate fintech into their operations, the FRA aims to simplify the investment process and remove traditional barriers.
Investors will now be able to open accounts and start trading entirely online, eliminating the need for physical branch visits or paper-based documentation.
This digital transformation is expected to significantly reduce the time and costs associated with investing, while also expanding financial inclusion by reaching younger investors and financially underserved segments.
Furthermore, the reliance on digital solutions will enhance transaction efficiency, minimize human errors, and strengthen overall market confidence in non-banking financial services.
