Azimut Egypt obtains fintech license, launches digital investment platform “azinvest”
Azimut Egypt announced Saturday that it has received approval from the Financial Regulatory Authority (FRA) to launch its “azinvest” platform, a first-of-its-kind fully digital investment platform offering access to Azimut’s range of investment funds and portfolios.
This move also marks the issuance of the first fintech license in Egypt’s asset management industry.
“azinvest” provides investors with one-click access to Azimut’s funds across various asset classes, including money market, fixed income, equities, multi-currency investments, and gold.
The platform leverages the recent advancements in the FRA’s regulatory framework governing the use of technology in the non-banking financial sector.
This development aligns with the ambitious financial inclusion plan set forth by the FRA and the Egyptian government.
The platform offers a fully digital onboarding experience, including e-KYC, e-identification, e-contracts, and e-registry, eliminating the need for physical presence or wet signatures.
This allows Azimut Egypt to serve its existing and potential clients digitally, empowering them to manage their savings and investments through the “azinvest” app.
The app allows users to browse Azimut’s 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 democratize investments and promote financial inclusion by offering a user-friendly, compliant platform for investing in different asset classes through Azimut’s funds and portfolios, all under the supervision of the FRA.
The successful launch reflects 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 be writing a new chapter in the history of Egypt’s non-banking financial industry,” 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 asset management industry. We commend the FRA for its progressive approach in regulating the use of technology within the sector. ‘azinvest’ builds upon Azimut International Holding’s 18-year legacy of spreading financial knowledge and transferring its experience to new markets.”