Fawry wants to enter new markets: EGX-listed e-payments platform Fawry is looking at expanding its operations to several countries, including Saudi Arabia, Asharq Business quotes Fawry CEO Ashraf Sabry as saying. The fintech giant is currently in talks with the Saudi Central Bank about its potential expansion to KSA, Sabry said, with an eye to kick off its expansion plans next year. A company representative declined to comment when we reached out yesterday.

Here at home: The company is considering applying for a digital banking license and is looking into the feasibility of acquiring the license without bringing in a foreign partner with experience in the banking sector, since it already has experience with lending and other financial activities, Sabry is quoted as saying. The company expects to make a decision on whether or not to submit its application to regulators by the end of the year.

REMEMBER- The Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE) issued last week updated licensing rules and regulations for fintech providers to streamline and ensure consistency of process. Digital banks will now need at least EGP 2 bn in capital to get their digital banking license. Digital banks looking to take part in financing large companies will need a minimum capital of EGP 4 bn to get their license and need their largest shareholder to be a financial institution with relevant experience.

ICYMI-Fawry is expected to roll out a “remittance hub” by the end of the year for Egyptians working across the MENA region to transfer funds home. The company is in talks with Banque du Caire and Abu Dhabi Islamic Bank to devise a mechanism for the transfers and plans to extend its remittance services to expats in two other unspecified countries in the Gulf and the Levant. It also inked an agreement with Gulf voice-calling app Botim in February to allow Egyptian expats residing in the UAE to pay bills and send home remittances.

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