{"id":562380,"date":"2021-05-23T04:06:46","date_gmt":"2021-05-23T04:06:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/cbe-to-issue-regulatory-framework-for-specialized-banks-by-july\/"},"modified":"2021-05-23T04:06:46","modified_gmt":"2021-05-23T04:06:46","slug":"cbe-to-issue-regulatory-framework-for-specialized-banks-by-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/cbe-to-issue-regulatory-framework-for-specialized-banks-by-july\/","title":{"rendered":"CBE to issue regulatory framework for specialized banks by July?"},"content":{"rendered":"

<\/a> Specialized banks could have a regulatory framework by July under proposed <\/strong>amendments to the newly passed <\/strong>Banking Act<\/a><\/strong> which would see the issuance of licenses for banks focused on SME, digital, and payments banking, unnamed banking officials told Masrawy<\/a>. The framework, to be issued by the Central Bank of Egypt, would clearly outline the approach the CBE plans to take to the still-nascent sector.<\/p>\n

So, what\u2019s a \u201cspecialized bank\u201d? Think \u201cdigital.\u201d <\/strong>Broadly speaking, it\u2019s a term that has come to include upstarts that would (a) be \u201cdigital first\u201d by eschewing brick-and-mortar branches; or (b) focus on small and medium-sized businesses or (c) reach out to the unbanked, including through services including small savings accounts and remittances.<\/p>\n

The CBE has so far received five applications from banks wishing to launch a digital banking arm <\/strong>\u2014 including the National Bank of Egypt<\/a>, Banque Misr, Emirates NBD, QNB Al Ahli and Bank ABC \u2014 but will begin studying them once the law is approved, sources previously told Masrawy. Media reports also suggested Baraka Bank and the Suez Canal Bank were interested in getting in on the digital banking space.<\/p>\n

Specialized banks are <\/strong>exempt from new capital requirements<\/a><\/strong> in the proposed Banking Act: <\/strong>Under the legislation, the amount of capital these banks would be required to hold would be set on a case-by-case basis, exempting them from complying with the EGP 5 bn in reserve mandated by the law for local commercial banks. Banks that apply for the license would need to submit a market study and risk assessment, after which the CBE would set reserve capital requirements, deposit limits, and their ceiling for lending.<\/p>\n

Already-licensed commercial banks won\u2019t automatically be granted a specialized banking license<\/strong>, meaning that only new banks and subsidiaries of existing ones can be defined as digital-first entities, with all banks currently operating in Egypt defined as commercial banks under the 2003 Banking Act, a CBE official previously told us.<\/p>\n

Need a refresher on the new Banking Act?<\/strong> We have a rundown of the key provisions here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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, would clearly outline the approach […]<\/p>\n","protected":false},"author":1,"featured_media":562381,"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":[2154,204,3679,576,1060,72,248,625,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bank-abc","tag-banking","tag-banking-act","tag-banque-misr","tag-emirates-nbd","tag-enterpriseam","tag-national-bank-of-egypt","tag-qnb-alahli","tag-smes","wpautop","entry"],"acf":{"mongo_id":"54b4b2c7-3cd8-4bca-addf-8f1455de7309","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/184.jpg","photo_position":"above","related_issue":[562376],"teaser":"","voice_url":""},"yoast_head":"\nCBE to issue regulatory framework for specialized banks by July? - 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\/2021\/05\/23\/cbe-to-issue-regulatory-framework-for-specialized-banks-by-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE to issue regulatory framework for specialized banks by July?\" \/>\n<meta property=\"og:description\" content=\"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. 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2020","format":false,"excerpt":"EXCLUSIVE- SME lenders and digital banks to be made exempt from new capital requirements in proposed Banking Act: The proposed Banking Act would exempt SME lenders and digital banks from complying with new capital requirements designed to increase the stability of the financial sector, a Central Bank of Egypt (CBE)\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\/2\/216.jpg?fit=%2C&ssl=1&resize=350%2C200","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":562380,"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":593612,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/","url_meta":{"origin":562380,"position":2},"title":"Egypt\u2019s cabinet approves new Banking and Central Bank Act","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"LEGISLATION WATCH- Cabinet greenlights Banking Act: The Madbouly Cabinet has approved in its weekly meeting a 242-article final draft of the Banking and Central Bank Act that would grant the Central Bank of Egypt (CBE) increased oversight of the banking sector, according to a cabinet statement. The draft will now\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\/2018\/11\/1115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546382,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/first-digital-banking-licenses-to-be-issued-in-coming-weeks\/","url_meta":{"origin":562380,"position":3},"title":"First digital banking licenses to be issued in coming weeks","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"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\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555261,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/cbe-issues-framework-for-instant-digital-payments\/","url_meta":{"origin":562380,"position":4},"title":"CBE issues framework for instant digital payments","author":"enterpriseam admin","date":"8 November 2021","format":false,"excerpt":"The Central Bank of Egypt has released the regulations(pdf) for its instant payment network (IPN), part of its strategy to improve access to financial services and bring more people into the formal economy. The regulations lay out the rules and responsibilities for issuing banks, payment service providers and acquiring banks,\u2026","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\/2021\/11\/364.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":562380,"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 "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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562380","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=562380"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562380\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562381"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562380"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562380"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}