Egypt advances NFC passport checks for foreign investors

Egypt has given initial sandbox approval to an NFC-based passport verification platform designed to let foreign nationals access financial services remotely.

Egypt’s Financial Regulatory Authority (FRA) granted VLens and EFG Holding initial approval to test the platform. The project has not yet entered live testing.

The system uses NFC on mobile devices to read data directly from an electronic passport chip. It can then verify the holder’s identity remotely.

FRA said the platform will support access to investment, insurance and other non-bank financial services.

Second ePassport project enters the sandbox

The project is the second ePassport verification initiative to receive preliminary approval from the FRA Sandbox.

LuminSoft received similar approval in March. Its platform also verifies non-Egyptians through electronic passports.

FRA Sandbox

More than 50 projects applied during its first year, with nine receiving initial approval and two moving into live testing.

FRA said the sandbox provides a controlled environment for testing fintech solutions before broader market deployment.

EFG Hermes ONE to use the platform

EFG Holding plans to integrate the technology into its EFG Hermes ONE digital trading platform. It will support remote onboarding of foreign investors. “Receiving the FRA’s initial approval marks an important step in advancing digital access to Egypt’s capital markets,” said Dina Anwar, Co-Head of Digital Retail Trading Platform at EFG Hermes.

Meanwhile, VLens CEO Mohamed Mamdouh said the company has validated 4.3 million unique Egyptian identities. It has also processed more than 550,000 electronic contracts.

Identity verification is expanding elsewhere in Egypt as well. The Central Bank introduced rules for a digital financial identity platform in August. Also, the telecom regulator opened biometric verification for remote telecom services over objections from rights groups.