RIYADH: Egypt"s President Abdel Fattah El Sisi has formally approved the country’s new Fintech Act, which makes the Financial Regulatory Authority the sole licensor and regulator of fintech companies. The president also approved the Unified Budget Act, which mandates the government to be more transparent on public finances, Egyptian news house Enterprise reported. The Fintech Act will now regulate various digital financial solutions, including robo-advisory, nano-finance, insurtech, and tech-enabled consumer finance, among other sectors. With the Unified Act coming into effect, the government will be mandated to present annual medium-term budgets and tax strategies to the House of Representatives as well as set spending limits to each ministry, Enterprise reported.