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Egypt’s Financial Regulatory Authority (FRA) has granted a fintech licence to digital asset manager Granite Financial Holding.
The move enables Granite to launch its digital money market account (Granite MMA).
The account is linked to Granite’s money market fund, which invests exclusively in Egyptian treasuries.
The fintech license allows Granite to use its digital infrastructure to receive fund subscriptions and execute orders and redemptions for open-ended funds.
According to Granite, the launch of a digital money market fund comes at a “pivotal time” for Egypt’s financial services market.
An estimated EGP1.3 trillion ($20 billion) in savings certificates are set to mature in 2026, meaning that liquidity management has become a key focus for the banks competing to retain deposits.
“Securing this digital licence is a crucial step in executing our vision,” said Granite’s founder and CEO Hisham Akram. “With this foundation in place, we are well positioned to modernise asset management through technology-led, client-centric solutions.”