GUIDE FUTURE expands the landscape to new fintech

Guide the Future

SINGAPORE , Jan. 19, 2023 /EINPresswire.com/ — On December 22, 2022, ASIASENS INVESTMENT, the wholly-owned subsidiary of GUIDE FUTURE INTERNATIONAL, acquired the top-level lending license in Egypt, the letter of approval of Amwal for Microfinance SAE, signifying that ASIASENS INVESTMENT was approved for the Indonesian OJK Internet Finance License Indosaku in 2021, and its fintech globalization process has taken another important step.

As the third most populous country in Africa with a population of 109 million, Egypt has the good economic condition, with a domestic GDP per capita of about 4,000 USD in 2021. In addition, it has wide coverage of the Internet and rapid e-commerce development, which provides a natural market prerequisite for implementing fintech.

Moreover, Egyptian authorities support the development of fintech. Yasser, the former deputy head of the Egyptian Ministry of Investment, said that the digital financial industry in Egypt has a large room for development, indicating great investment opportunities and growth prospects.

According to the report issued by the Central Bank of Egypt, Egypt’s digital financial sector has attracted investments of USD 791 million 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 enterprises operating fintech in Egypt in 2014. Meanwhile, the number has increased by 55 times to 112 by 2021. In the past five years, the volume of financial transactions on the Internet has almost increased. tenfold. (Resource: https://www.ndrc.gov.cn/fggz/gjhz/zywj/202206/t20220621_1327623_ext.html)

The dual advantages 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 in August 2020, the Small and Medium Enterprises Committee 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 to the Microfinance Law, and that SME lenders’ capital must be EGP 20 million, while the requirement for microfinance borrowers is EGP 5 million.

GUIDE FUTURE INTERNATIONAL is a comprehensive group with rapid development, and its professional competence 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 FUTURE.

For the fact that the subsidiary has obtained the Egyptian license, GUIDE FUTURE 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 closed-loop core 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 the era of fintech.

PR agency contact

Grace
PTG-ASIA
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