The Central Bank of Egypt recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of a growing Egyptian financial market.
The Financial Regulatory Authority recently issued decrees No. 139, No. 140 and No. 141 completing and complementing the Financial Technology L aw No. 5 of 2022 which sets out the framework for the development and use of Fintech in non-banking financial services. The decrees, which came into force on 11 July 2023, come as part of the FRA’s continuing efforts to transition Egyptian financial markets towards digitization by encouraging the use of Fintech.