GUIDE FURURE expands its FinTech landscape, and ASIASENS INVESTMENT, its subsidiary has obtained the license for internet lending in Egypt
SINGAPORE, 18 January 2023 /PRNewswire/ — On 22 December 2022ASIASEN’S INVESTMENT, the wholly owned subsidiary of GUIDE FURURE INTERNATIONAL, bought Egypt Top level Internet lending license, the letter of approval from Amwal for Microfinance SAE, which means that ASIASEN’S INVESTMENT was approved for the Indonesian OJK Internet Finance License Indosaku in 2021, and the financial technology globalization process has taken another important step.
As the third most populous country in Africa with a population of 109 million, Egypt has the healthy economic condition, with a domestic GDP per capita of approx 4000 USD in 2021. In addition, it has broad internet coverage and rapid e-commerce development, which provides a natural market prerequisite for implementing fintech.
Moreover, Egyptian authorities support the development of fintech. Yasser, former deputy of the Egyptian Ministry of Investment, said that the digital financial industry i Egypt has a lot of room for development, which indicates great investment opportunities and growth prospects.
According to the report issued by the Central Bank of Egypt, Egypt’s digital financial sector has attracted 791 million USD investment in 2021, making it one of the most active countries in the African region in terms of fintech. According to the statistics, there were only two companies engaged in fintech business Egypt in 2014. Meanwhile, the number has increased by 55 times to 112 by 2021. In the last five years, the volume of financial transactions on the Internet has increased almost tenfold.
The dual benefits of the market and politics have allowed Egypt’s financial technology to develop rapidly.
The license of Amwal for Microfinance SAE approved by the Egyptian Financial Authority is secured by only 18 companies in the world. It is understood that i August 2020the Committee on Small and Medium Enterprises of the Egyptian House of Representatives approved six amendments proposed by the Financial Supervisory Authority to the Microfinance Law of 2014, which included professional SME lenders (including finance companies and NGOs) will be subject Microfinance Actand that SME lenders’ capital must be 20 million EGPwhile the requirement for microfinance borrowers is 5 million EGP .
GUIDE FURURE INTERNATIONAL is a comprehensive group with rapid development, and its professional expertise and financial strength have been fully demonstrated by the acquisition of the online license for the subsidiary ASIASENS INVESTMENT.
It is not difficult to see that the layout of the financial technology industry can be reminiscent of the renowned company Home Credit. However, fintech is only one segment in the strategic plan of GUIDE FURURE.
For the fact that the subsidiary has obtained the Egyptian license, GUIDE FURURE INTERNATIONAL stated that “We believe it is an important milestone for ASIASENS INVESTMENT to get the letter of approval from the Egyptian Amwal for Microfinance SAE license. And we hope to promote the further strategic layout in Asia, Africa and the Americas, involving core closed-loop businesses such as smart micro-lending, model risk management, mobile payment, beauty e-commerce and industry fund investment. In short, we are committed to providing consumers with more cost-effective and competitive services in the new era of fintech.“
