EFG Hermes Gets FRA Approval to Test NFC ePassport Verification for Foreign Investors
The solution will be made available through EFG Hermes ONE, further advancing the platform’s digital capabilities and supporting a more seamless onboarding experience for foreign investors.
EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA), announced that EFG Holding, in collaboration with Vlens, has received initial approval from the Financial Regulatory Authority (FRA) to join the FRA Sandbox with its NFC ePassport Digital Identity Verification Platform for Foreign Nationals. The solution will be made available through EFG Hermes ONE, further advancing the platform’s digital capabilities and supporting a more seamless onboarding experience for foreign investors.
The solution leverages Near Field Communication (NFC) technology to securely verify foreign nationals through NFC-enabled electronic passports (ePassports), enabling remote digital identity verification while supporting regulatory compliance requirements. The capability will simplify the onboarding journey for non-Egyptian investors seeking access to investment services, reducing friction while maintaining a secure and efficient digital experience.
Eng. Ahmed Khalifa, Executive Director of FRA Sandbox and Chief Data Officer, emphasized that the company’s project represents a practical example of leveraging digital transformation to develop financial services, enabling non-Egyptians to access investment services across various asset classes within the Egyptian market, while enhancing the efficiency and competitiveness of the non-banking financial sector.
“Receiving the FRA’s initial approval marks an important step in advancing digital access to Egypt’s capital markets. Through the integration of VLens’ ePassport verification solution into EFG Hermes ONE, we are leveraging technology to make onboarding more seamless and secure for foreign investors, reinforcing our commitment to simplifying the investment journey and expanding access to opportunities in Egypt.”
– Dina Anwar, Co-Head of Digital Retail Trading Platform, EFG Hermes
“ePassport is the newest step in our journey, started back in 2023 with FRA Decree 140 under H.E. Dr. Mohamed Farid, Egypt’s Minister of Investment, enabling the private sector with no preferential treatment, and H.E. Dr. Islam Azzam, Executive Chairman of the Financial Regulatory Authority, builds on it today. VLens validated 4.3 million unique Egyptian identities and signed 550,000+ e-contracts sent to FRA’s central repository. Starting with our partner EFG Hermes ONE, every customer is a true partner, opening our beloved Egypt to foreign investors.”
– Mohamed Mamdouh, CEO, Vlens
The collaboration also underscores EFG Holding’s commitment to supporting technology-driven innovation across its businesses and contributing to the continued digital transformation of Egypt’s financial services ecosystem. Through strategic partnerships and shared digital infrastructure, the Group continues to create solutions that enhance accessibility, efficiency, and customer experience across its platforms.
This development builds on EFG Hermes ONE’s broader efforts to combine technology, market expertise, and innovation to create more connected and accessible capital markets across MENA.
