{"id":543715,"date":"2022-02-15T04:04:25","date_gmt":"2022-02-15T04:04:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/"},"modified":"2022-02-15T04:04:25","modified_gmt":"2022-02-15T04:04:25","slug":"el-sisi-signs-fintech-and-unified-budget-acts-into-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/","title":{"rendered":"El Sisi signs fintech and unified budget acts into law"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Fintech Bros, pay attention here: President Abdel Fattah <\/strong><strong>El Sisi has ratified <\/strong><strong>the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f049004-ee6e-4195-97fa-1f5e92cad0c3\">Fintech Act<\/a><\/strong>, which regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance, among other sectors. The law makes the Financial Regulatory Authority (FRA) the only entity in charge of licensing and regulating fintech companies. It also sets transparency and governance standards and protects consumer rights. The bill was also passed by the House in January, about a year and a half after it was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/480025ed-2bc3-40c7-b508-8103c35d43f5\">first drafted<\/a> by the FRA.<\/p>\n<p><strong>The president also signed off on the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">Unified Budget Act<\/a><\/strong>, according to a decree published in the <a href=\"https:\/\/ent.news\/2022\/2\/Unified-Budget-Law.pdf\">Official Gazette<\/a><a href=\"https:\/\/ent.news\/2022\/2\/Unified-Budget-Law.pdf\">(pdf)<\/a>. The law requires the government to be more transparent in how it plans public finances, forcing it to present an annual medium-term budgetary and fiscal strategy to the House of Representatives and set spending limits for each ministry. The bill was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64c7215d-8eaa-4ae7-95fb-9967426efe0d\">passed<\/a> by the House of Representatives in January, after the Finance Ministry first drafted the act <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e74b5b9-6e89-4fcb-b133-c2c9bd9dede1\">in early 2020<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fintech Bros, pay attention here: President Abdel Fattah El Sisi has ratified the Fintech Act, which regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance, among other sectors. The law makes the Financial Regulatory Authority (FRA) the only entity in charge of licensing and regulating fintech companies. It also sets transparency and governance standards and protects [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":543716,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[72,276,76,183,187,186],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam","tag-finance-ministry","tag-financial-regulatory-authority","tag-fintech","tag-legislation-watch","tag-unified-budget-act","wpautop","entry"],"acf":{"mongo_id":"bb9e75aa-c2b9-4c01-ab85-81402f930b89","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/198.jpg","photo_position":"above","related_issue":[543707],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>El Sisi signs fintech and unified budget acts into law - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El Sisi signs fintech and unified budget acts into law\" \/>\n<meta property=\"og:description\" content=\"Fintech Bros, pay attention here: President Abdel Fattah El Sisi has ratified the Fintech Act, which regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance, among other sectors. The law makes the Financial Regulatory Authority (FRA) the only entity in charge of licensing and regulating fintech companies. It also sets transparency and governance standards and protects [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-15T04:04:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/198.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"El Sisi signs fintech and unified budget acts into law\",\"datePublished\":\"2022-02-15T04:04:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/\"},\"wordCount\":170,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/198.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"Finance Ministry\",\"Financial Regulatory Authority\",\"Fintech\",\"Legislation Watch\",\"Unified Budget Act\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/15\/el-sisi-signs-fintech-and-unified-budget-acts-into-law\/\",\"name\":\"El Sisi signs fintech and unified budget acts into law - 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The bill, which was first drawn up by the Financial Regulatory Authority (FRA) in 2020, hands the regulator broad powers over licensing and corporate governance in\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/89.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555872,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/30\/fintech-regs-get-preliminary-house-approval\/","url_meta":{"origin":543715,"position":1},"title":"Fintech regs get preliminary House approval","author":"enterpriseam admin","date":"30 November 2021","format":false,"excerpt":"A draft law that would regulate the fintech space received a preliminary nod from the House of Representatives during its plenary session yesterday, according to Al Borsa. The new law would, if passed, regulate the use of fintech to deliver non-banking financial services (NBFS) in a bid to promote financial\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/654.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547786,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/the-house-is-out-for-summer-heres-what-it-achieved-this-session\/","url_meta":{"origin":543715,"position":2},"title":"The House is out for summer \u2014 here\u2019s what it achieved this session","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"The House is out for summer: The House of Representatives held its final session before adjourning for the summer recess yesterday. Some 184 laws were passed by the House this legislative season, with economic bills leading the pack. Among the most important laws that made it through were the Unified\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557674,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/egyptian-banks-launch-egp-1-bn-fintech-fund\/","url_meta":{"origin":543715,"position":3},"title":"Egyptian banks launch EGP 1 bn fintech fund","author":"enterpriseam admin","date":"28 September 2021","format":false,"excerpt":"State-owned banks launch EGP 1 bn+ fintech fund: Several state-owned banks will next month join forces to launch a fund to support fintech startups, in a new push to develop the local sector and bring more of the population into the formal economy, according to a statement (pdf) out yesterday.\u2026","rel":"","context":"In &quot;Fintech&quot;","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548384,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/07\/consumer-finance-act-amendments-are-now-law\/","url_meta":{"origin":543715,"position":4},"title":"Consumer Finance Act amendments are now law","author":"enterpriseam admin","date":"7 August 2022","format":false,"excerpt":"President Abdel Fattah El Sisi has ratified amendments to the Consumer Finance Act, adding three new articles that are designed to offer consumer and SME borrowers and lenders better protection against fraud, according to a decision published in the Official Gazette on Wednesday. Under the amendments, borrowers who fraudulently obtain\u2026","rel":"","context":"In &quot;LEGISLATION WATCH&quot;","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590088,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/new-criteria-for-fintech-digital-banking-licenses\/","url_meta":{"origin":543715,"position":5},"title":"New criteria for fintech, digital banking licenses","author":"enterpriseam admin","date":"13 July 2023","format":false,"excerpt":"Digital banks now need a capital of at least EGP 2 bn","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/512.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543715"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543715\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543707"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543716"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543715"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543715"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}