Fintech
Azimut Egypt obtains fintech license and launches digital investment platform “azinvest”
Azimut Egypt announced on Saturday that it has received approval from the Financial Regulatory Authority (FRA) to launch its “azinvest” platform, the first fully digital investment platform of its kind offering access to Azimut’s range of funds and investment portfolios.
This move also marks the issuance of the first fintech license in the wealth management sector in Egypt.
“azinvest” offers investors one-click access to Azimut funds across various asset classes, including money market, fixed income, equities, multi-currency investments and gold.
The platform leverages recent advances in the FRA regulatory framework governing the use of technology in the non-bank financial sector.
This development is in line with the ambitious financial inclusion plan set out by FRA and the Egyptian government.
The platform offers a fully digital onboarding experience, including e-KYC, e-ID, e-contracts and e-registry, eliminating the need for physical presence or e-signatures.
This allows Azimut Egypt to digitally serve its current and potential customers, allowing them to manage their savings and investments through the “azinvest” app.
The app allows users to navigate Azimut funds, view details and prices, place buy and sell orders, and conduct transactions such as deposits and withdrawals using various payment methods. Clients can also manage their investment portfolios digitally, aligning them with their evolving goals, needs, and preferences.
“azinvest” aims to democratise investing and promote financial inclusion by offering a compliant and easy-to-use platform to invest across different asset classes through Azimut funds and portfolios, all under the supervision of the FRA.
The successful launch is the result of the collaboration between Azimut Egypt and its technology partners, including Optimatica, Lumin, CyberSource, El-Delta Trust and payment gateway partner Paytabs.
“We are excited to write a new chapter in the history of the Egyptian non-banking financial sector,” said Ahmed Abou El-Saad, CFA, MBA, CEO of Azimut Egypt.
“The launch of ‘azinvest’ with its fully digital onboarding experience is a groundbreaking development for the Egyptian investment wealth management industry. We commend the FRA for its progressive approach in regulating the use of technology in the industry. ‘azinvest’ builds on Azimut International Holding’s 18-year legacy of disseminating financial knowledge and transferring its expertise to new markets.”