{"id":546382,"date":"2022-05-15T04:00:24","date_gmt":"2022-05-15T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/first-digital-banking-licenses-to-be-issued-in-coming-weeks\/"},"modified":"2022-05-15T04:00:24","modified_gmt":"2022-05-15T04:00:24","slug":"first-digital-banking-licenses-to-be-issued-in-coming-weeks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/first-digital-banking-licenses-to-be-issued-in-coming-weeks\/","title":{"rendered":"First digital banking licenses to be issued in coming weeks"},"content":{"rendered":"

WATCH THIS SPACE- The CBE is getting ready to hand out its first digital banking <\/strong>licenses<\/strong>, according to bank sub-governor Rami Aboulnaga, who said Thursday that licenses would be handed out \u201cduring the next few weeks,\u201d the state-run MENA<\/a> agency reported him as saying.<\/p>\n

Five banks have so <\/strong>far submitted bids to get in on Egypt\u2019s nascent digital banking space:<\/strong> The National Bank of Egypt, Banque Misr, Emirates NBD, QNB Al Ahli, and Bank ABC have all reportedly applied for licenses<\/a> from the CBE. E-Finance<\/a>, Baraka Bank and the Suez Canal Bank are also interested in entering the sector.<\/p>\n

We\u2019ve been waiting for this since 2020:<\/strong> Plans for the issuance of specialized banks\u2019 licenses<\/a> have been in the works since the Banking Act was signed into law<\/a> in September 2020. The law exempts such banks<\/a> from meeting the same capital requirements as standard brick-and-mortar commercial banks, with the amount of required capital to be set on a case-by-case basis.<\/p>\n","protected":false},"excerpt":{"rendered":"

WATCH THIS SPACE- The CBE is getting ready to hand out its first digital banking licenses, according to bank sub-governor Rami Aboulnaga, who said Thursday that licenses would be handed out \u201cduring the next few weeks,\u201d the state-run MENA agency reported him as saying. Five banks have so far submitted bids to get in on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7350],"tags":[204,72,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546382","post","type-post","status-publish","format-standard","hentry","category-banking","tag-banking","tag-enterpriseam","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"703d99e9-fc73-4c85-9a31-e6f5e10c6adb","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[546369],"teaser":"","voice_url":""},"yoast_head":"\nFirst digital banking licenses to be issued in coming weeks - 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\/05\/15\/first-digital-banking-licenses-to-be-issued-in-coming-weeks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First digital banking licenses to be issued in coming weeks\" \/>\n<meta property=\"og:description\" content=\"WATCH THIS SPACE- The CBE is getting ready to hand out its first digital banking licenses, according to bank sub-governor Rami Aboulnaga, who said Thursday that licenses would be handed out \u201cduring the next few weeks,\u201d the state-run MENA agency reported him as saying. 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The efforts to receive the licenses are part of the bank\u2019s plan to expand its digital services.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569787,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/major-international-bank-seeks-entry-into-egypt\/","url_meta":{"origin":546382,"position":1},"title":"Major international bank seeks entry into Egypt","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Major international bank seeks entry into Egypt: An unnamed \u201cmajor\u201d international bank has approached the Central Bank of Egypt (CBE) to acquire a banking license, Deputy Governor Gamal Negm said on the sidelines of an ongoing forum held by the Union of Arab Banks in Hurghada, according to Al Masry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/85.jpg?fit=%2C&ssl=1&resize=350%2C200","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":546382,"position":2},"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 "REGULATION WATCH"","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":[]},{"id":562380,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/cbe-to-issue-regulatory-framework-for-specialized-banks-by-july\/","url_meta":{"origin":546382,"position":3},"title":"CBE to issue regulatory framework for specialized banks by July?","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"Specialized banks could have a regulatory framework by July under proposed amendments to the newly passed Banking Act which would see the issuance of licenses for banks focused on SME, digital, and payments banking, unnamed banking officials told Masrawy. The framework, to be issued by the Central Bank of Egypt,\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/184.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598589,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/crypto-businesses-will-need-to-obtain-licenses-under-proposed-banking-act\/","url_meta":{"origin":546382,"position":4},"title":"Crypto businesses will need to obtain licenses under proposed Banking Act","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"LEGISLATION WATCH- Aspiring crypto businesses are going to need licenses: Companies looking to establish digital currency and cryptocurrency platforms will be required to obtain licenses under the proposed Banking Act, an unnamed central bank official told state news agency MENA without providing further details. 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