{"id":590088,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/new-criteria-for-fintech-digital-banking-licenses\/"},"modified":"2023-07-13T00:00:00","modified_gmt":"2023-07-13T00:00:00","slug":"new-criteria-for-fintech-digital-banking-licenses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/new-criteria-for-fintech-digital-banking-licenses\/","title":{"rendered":"New criteria for fintech, digital banking licenses"},"content":{"rendered":"

New regulations outline clear requirements to obtain fintech and digital banking licenses: <\/b>The Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE) have updated the rules and regs license seekers need to follow in a bid to streamline the process and ensure consistency of process.<\/p>\n

UPDATED FINTECH REGS-<\/span><\/p>\n

The FRA is out with <\/span>updated regulations (pdf)<\/a><\/span> to the Fintech Act regulating the fintech industry . <\/span><\/p>\n

More licensing requirements: <\/span>Fintech providers looking to get licensed by the FRA need to demonstrate they have the right equipment, access to basic facilities and infrastructure, applications and databases to support their activities. <\/span><\/p>\n

Better protections against fraudulent transactions: <\/span>Fintech providers need to follow certain security measures and have the means to offer users protection from cybersecurity risks. They also need to prove they have the ability to recover from a security breach. <\/span><\/p>\n

We knew this was coming: <\/span>The <\/span>new <\/span>regulations flesh out licensing requirements <\/span>published in brief last year. The requirements were awaiting a decision from the FRA with the new details to become valid. <\/span><\/p>\n

REMEMBER- <\/span>The Fintech Act was drawn up by the FRA in 2020, giving the authority powers over licensing and corporate governance in the sector, as well as the power to penalize firms that breach legislation. President Abdel Fattah El Sisi <\/span>signed the act into law<\/a><\/span> last year. <\/span><\/p>\n

UPDATED DIGITAL BANKING REGS- <\/span><\/p>\n

The central bank is out with <\/span>updated regulations (pdf)<\/a><\/span> to the Banking Act governing digital bank licensing.<\/span><\/p>\n

New capital requirements for digital banks: <\/span>Digital banks will now need a capital of no less than EGP 2 bn in order to get their digital banking license, the central bank said. 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 similar experience. <\/span><\/p>\n

REFRESHER- <\/span>Specialized banks \u2014 AKA digital banks \u2014 were initially exempt from complying with <\/span>the EGP 5 bn<\/a><\/span> in reserve mandated by the law for local commercial banks. The CBE started <\/span>handing out digital banking licenses<\/a><\/span> last year, following heavy demand from local lenders including the National Bank of Egypt, Banque Misr, Emirates NBD, QNB Al Ahli, and Bank ABC.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Digital banks now need a capital of at least EGP 2 bn<\/p>\n","protected":false},"author":1,"featured_media":590089,"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":[8614],"tags":[204,271,2936,72,76,183,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-banking","tag-central-bank-of-egypt","tag-digital-economy","tag-enterpriseam","tag-financial-regulatory-authority","tag-fintech","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"6ceb3441-e6c5-4f50-b5ac-d2341abbcb32","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/512.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian regulator, central bank issue new regulations for fintech, digital banking licenses","related_issue":[590075],"teaser":"Digital banks now need a capital of at least EGP 2 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.caa5debb-4f0d-4aec-bb27-910526b4fa61.mp3"},"yoast_head":"\nNew criteria for fintech, digital banking licenses - 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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 "LEGISLATION WATCH"","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":574750,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/insurtech-crowdfunding-startups-and-other-fintech-players-could-soon-face-new-fra-regulations\/","url_meta":{"origin":590088,"position":4},"title":"Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations","author":"enterpriseam admin","date":"21 September 2020","format":false,"excerpt":"LEGISLATION WATCH- Insurtech, crowdfunding startups and other fintech players could soon face new FRA regulations: The Financial Regulatory Authority (FRA) has approved a draft bill that would regulate the use of financial technology to deliver non-bank financial services, it said in a statement. The bill was reviewed by representatives from\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590189,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/fintech-players-see-new-licensing-requirements-as-big-step-forward\/","url_meta":{"origin":590088,"position":5},"title":"Fintech players see new licensing requirements as \u201cbig step forward\u201d","author":"enterpriseam admin","date":"16 July 2023","format":false,"excerpt":"We talk to fintech players to see what they make of the new rules","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\/579.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\/590088","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=590088"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590088\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590089"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590088"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590088"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}