THIS EVENING: Private equity firms have their eyes on Al Ahly Momkn

Happy THURSDAY, friends. We hope you all end this week with plans to unwind — and that your weekly trek to Sahel is smooth and safe.

CLARIFICATION- Our coverage of the Financial Regulatory Authority’s new regulations for obtaining fintech licenses in this morning’s edition of EnterpriseAM misjudged the purpose of the regulations and incorrectly characterized them as being “more difficult” than the regulations that were previously in place. Upon further review and discussion with industry players, we believe the opposite is true: The updated regulations (pdf) clarify the requirements of licensing and standardize them to replace the previous system, where licenses were assessed on a case-by-case basis. They also provide further protections for consumers. Look for more in-depth coverage from us on this on Sunday.

The regs in brief: The regulations to the Fintech Act — which flesh out licensing requirements published in brief last year — introduce more licensing requirements for fintech providers looking to get licensed by the regulator. These providers need to demonstrate they have the right equipment, access to basic facilities and infrastructure, applications and databases to support their activities. The changes also introduce better protections against fraudulent transactions and cybersecurity risks, and require providers to prove they would be able to recover from a security breach.

These changes to streamline the process have long been called for by industry players— and have been well-received by several big names in the fintech space. Asset manager Azimut commended the FRA for pushing through the amended regulations, saying that they will “pave the way for the non-banking financial services sector’s digital transformation, which aligns with the government’s financial inclusion drive” and will create better access to non-banking financial services across all segments of society, according to Arqam. Stock trading app Thndr CEO Ahmad Hammouda also praised the amended regulations, describing the changes as “groundbreaking steps towards embracing digital transformation and fostering financial inclusion.” The Ins. Federation of Egypt also expects the new regulations to drive more activity in the ins. sector, and allow ins. providers to tap into a wider customer base.

THE BIG STORY TODAY

Acquisition race for Al Ahly Momkn? Private equity firms Tana Capital, Lorax Capital Partners, and Ultra Capital are reportedly bidding to acquire a 25% stake in e-payments player Al Ahly Momkn, Al Mal reports, citing sources it says have knowledge of the matter. The 25% stake is currently owned by Al Ahly Momkn co-founder, CEO, and chairman Samir Abo Hashem (LinkedIn) — who holds 18.1% — and several other shareholders — who hold a combined 6.9% share.

THE BIG STORY ABROAD

Post-NATO news and ousted Russian general Ivan Popov’s statements are continuing to lead the conversation in the global press: Ukrainian President Volodymyr Zelensky has extended his gratitude to NATO members on their commitment to his nation’s security after not receiving a nod towards their membership to the alliance. (Financial Times | CNBC) Meanwhile, ousted Russian general Ivan Popov’s revealing statement uncovers his claim that he had been removed from his position on the back of his criticism of the conditions on the war front. Financial Times | Reuters | Bloomberg

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• EBRD goes big: The European Bank for Reconstruction and Development (EBRD) will provide USD 532 mn in soft financing to the National Bank of Egypt, Banque Misr, and impact investor Mediterrania Capital Partners.
• So the government is removing tax breaks for state firms. Here’s what we know so far: We break down the details of a bill the House of Representatives approved on Tuesdaythat will scrap tax exemptions previously enjoyed by public-sector companies and state entities.
• It’s Sahel time for our elected representatives — here’s what they got up to over the past year: The House of Representatives held its final session on Tuesday before breaking for the annual three-month summer recess. Lawmakers passed some 188 bills during the cycle, according to House Speaker Hanafi Gebali.

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- We explored the lessons learned from the industries that have raised our export profile: Food and beverages, fertilizers and chemical products, and textiles and garments. We were joined on that panel by Mohamed Talaat Khalifa, CEO of Concrete, Shams Eweis, corporate affairs manager for North Africa and the Levant at Mars, and Tarek Hosny, head of investments and projects at Fertiglobe.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

☀️ TOMORROW’S WEATHER- Brace yourself for a scorcher as the mercury will hit 40°C at its peak and will dip to 24°C at night, our favorite weather app tells us.