{"id":590125,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/this-evening-private-equity-firms-have-their-eyes-on-al-ahly-momkn\/"},"modified":"2023-07-13T00:00:00","modified_gmt":"2023-07-13T00:00:00","slug":"this-evening-private-equity-firms-have-their-eyes-on-al-ahly-momkn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/this-evening-private-equity-firms-have-their-eyes-on-al-ahly-momkn\/","title":{"rendered":"THIS EVENING: Private equity firms have their eyes on Al Ahly Momkn"},"content":{"rendered":"

Happy THURSDAY, friends.<\/span> We hope you all end this week with plans to unwind \u2014 and that<\/span> your weekly trek to Sahel is smooth and safe.<\/span><\/p>\n

CLARIFICATION-<\/span> Our coverage of the Financial Regulatory Authority\u2019s new regulations for<\/span> obtaining fintech licenses in this morning\u2019s edition of EnterpriseAM misjudged the purpose of the regulations and incorrectly characterized them as being \u201cmore difficult\u201d than the regulations that were previously in place. Upon further review and discussion with industry players, we believe the opposite is true: The <\/span>updated regulations (pdf)<\/a><\/span> clarify the requirements of licensing and standardize them to replace the previous system, where licenses were assessed on a case-by-case basis. They also provide further protections for consumers. Look for more in-depth coverage from us on this on Sunday. <\/span><\/p>\n

The regs in brief:<\/span> The regulations to the Fintech Act \u2014 which flesh out licensing requirements<\/span> published in brief last year \u2014 introduce more licensing requirements for fintech providers looking to get licensed by the regulator. These providers need to demonstrate they have the right equipment, access to basic facilities and infrastructure, applications and databases to support their activities. The changes also introduce better protections against fraudulent transactions and cybersecurity risks, and require providers to prove they would be able to recover from a security breach.<\/span><\/p>\n

These changes to streamline the process have long been called for by industry players<\/span>\u2014 and have been well-received<\/span> by several big names in the fintech space. Asset manager Azimut commended the FRA for pushing through the amended regulations, saying that they will \u201cpave the way for the non-banking financial services sector\u2019s digital transformation, which aligns with the government\u2019s financial inclusion drive\u201d and will create better access to non-banking financial services across all segments of society, according to <\/span>Arqam<\/a><\/span>. Stock trading app Thndr CEO Ahmad Hammouda also <\/span>praised the amended regulations<\/a><\/span>, describing the changes as \u201cgroundbreaking steps towards embracing digital transformation and fostering financial inclusion.\u201d The Ins. Federation of Egypt also expects the new regulations to drive more activity in the ins. sector, and allow ins. providers to tap into a wider customer base. <\/span><\/p>\n

THE BIG STORY TODAY<\/span><\/p>\n

<\/span>Acquisition race for Al Ahly Momkn?<\/span> Private equity firms Tana Capital, Lorax<\/span> Capital Partners, and Ultra Capital are reportedly bidding to acquire a 25% stake in e-payments player Al Ahly Momkn, <\/span>Al Mal<\/a><\/span> reports, citing sources it says have knowledge of the matter. The 25% stake is currently owned by Al Ahly Momkn co-founder, CEO, and chairman Samir Abo Hashem (<\/span>LinkedIn<\/a><\/span>) \u2014 who holds 18.1% \u2014 and several other shareholders \u2014 who hold a combined 6.9% share.<\/span><\/p>\n

THE BIG STORY ABROAD<\/span><\/p>\n

Post-NATO news and ousted Russian general Ivan Popov\u2019s statements are continuing to lead the conversation in the global press:<\/span> Ukrainian President Volodymyr Zelensky has extended his gratitude to NATO members on their commitment to his nation\u2019s security after not receiving a nod towards their membership to the alliance. (<\/span>Financial Times<\/a><\/span> | <\/span>CNBC<\/a><\/span>) Meanwhile, ousted Russian general Ivan Popov\u2019s revealing statement uncovers his claim that he had been removed from his position on the back of his criticism of the conditions on the war front. <\/span>Financial Times<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span><\/p>\n

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** CATCH UP QUICK<\/span> on the top stories from today\u2019s <\/span>EnterpriseAM<\/span>:<\/span><\/p>\n