{"id":590189,"date":"2023-07-16T00:00:00","date_gmt":"2023-07-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/fintech-players-see-new-licensing-requirements-as-big-step-forward\/"},"modified":"2023-07-16T00:00:00","modified_gmt":"2023-07-16T00:00:00","slug":"fintech-players-see-new-licensing-requirements-as-big-step-forward","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/16\/fintech-players-see-new-licensing-requirements-as-big-step-forward\/","title":{"rendered":"Fintech players see new licensing requirements as \u201cbig step forward\u201d"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">INDUSTRY REAX- Fintech players laud new regs for fintech licenses:<\/span><span style=\"\"> The <\/span><span>Financial Regulatory Authority\u2019s (FRA) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ceb3441-e6c5-4f50-b5ac-d2341abbcb32\" style=\"\">newly-issued regulations<\/a><\/span><span> for obtaining fintech licenses <\/span><span style=\"font-weight:400;\">are a major step for the sector and for Egypt\u2019s financial inclusion push, according to several industry players Enterprise spoke with. These regulations have been in the making for around a year, our sources say, and could unlock significant growth in the industry. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER-<\/span><span style=\"\"> The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/7\/508.pdf\" style=\"\">updated regulations (pdf)<\/a><\/span><span style=\"\"> to the Fintech Act \u2014 which flesh out licensing <\/span><span>requirements published in brief last year \u2014 introduce clear requirements for fintech <\/span><span style=\"font-weight:400;\">providers looking to get licensed by the regulator. Would-be 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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The biggest game changer in the new regs: <\/span><span style=\"font-weight:700\">Opening the door for a fully digitized<\/span><span style=\"font-weight:700\"> onboarding process for new clients.<\/span><span style=\"\"> \u201cThis is a massive achievement for our agenda as an economy when it comes to financial inclusion,\u201d <\/span><span style=\"font-weight:400;\">Ahmad Hammouda, CEO of stock-trading app Thndr, told Enterprise. \u201cIt\u2019s a great and long-awaited development that the industry has been trying to introduce for years,\u201d Azimut Egypt Asset Management CEO Ahmed Abou El Saad told Enterprise. Requiring \u201cwet signatures\u201d during the onboarding of new clients \u201cmakes no sense\u201d with the advent of new technology that can fulfill the same functions of verifying identification and linking a user\u2019s information to the civil registry database, Abou El Saad said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A digitized process expands accessibility + financial inclusion:<\/span><span style=\"\"> Businesses would need to<\/span><span> set up more branches to ensure service accessibility across different income segments and geographic location, which would increase costs and encourage businesses to focus more on attracting high net worth individuals, rather than looking at a wider customer base, Hammouda said. \u201cIf you live outside of Cairo or Alexandria, your chances of having access to these services are low unless the process is taken online,\u201d he said. An in-person onboarding process adds to business\u2019 operational expenses, \u201cwhich are typically passed to the end consumer,\u201d <\/span><span>Digital Finance Holding CEO Shehab Marzban told Enterprise.<\/span><span style=\"font-weight:400;\"> \u201cA physical token might be useful for B2B transactions but not for B2C such as consumer finance, BNPL, or nano finance players,\u201d he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What do businesses need to do to get their hands on a license?<\/span><span style=\"\"> The regulations now<\/span><span> require businesses applying for a fintech license to submit a proposed tiering system of requirements for incoming customers depending on their risk profile. \u201cThis is actually genius because it allows businesses to address how they will handle clients with different risk levels \u2014 somebody with a EGP 100 wallet is very different in terms of risk from someone whose wallet is worth EGP 1 mn,\u201d<\/span><span style=\"font-weight:400;\">one industry player said. Financial institutions in general struggled with having one set of requirements regardless of the user\u2019s risk profile, which by default makes it more accessible for larger wallets, Hammouda said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More stringent regulations \u2014 but that\u2019s exactly what\u2019s needed:<\/span><span style=\"\"> \u201cThese are financial<\/span><span style=\"font-weight:400;\"> transactions we\u2019re talking about, so it\u2019s a serious matter and the regulator needs to make sure that there\u2019s a high level of security,\u201d Abou El Saad told us. \u201cYes, the requirements are stringent, but that\u2019s exactly what\u2019s required for this type of activity,\u201d he said, stressing that the tight regulations remain \u201cvery feasible\u201d for fintech players. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Azimut is ready to take advantage of the new regulations:<\/span><span style=\"\"> The asset manager <\/span><span>plans to submit its licensing request to set up the country\u2019s first digital mutual fund platform within the coming few days, Abou El Saad said. \u201cWe have everything in place \u2014 the tech infrastructure, the business proposal, everything \u2014 and <\/span><span>were<\/span><span style=\"font-weight:400;\"> just waiting on the FRA to issue these regulations. We started putting things in motion to apply for the license as of Thursday \u2014 basically as soon as the regulations were issued,\u201d he told us. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We talk to fintech players to see what they make of the new rules<\/p>\n","protected":false},"author":1,"featured_media":590190,"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":[72,503,183,343,871,888],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-enterpriseam","tag-financial-services","tag-fintech","tag-regulation","tag-regulation-watch","tag-thndr","wpautop","entry"],"acf":{"mongo_id":"bc56f21a-4fa6-4071-a9fd-34fb1d4c6951","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/579.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s fintech industry sees new licensing requirements as \u201cbig step forward\u201d","related_issue":[590184],"teaser":"We talk to fintech players to see what they make of the new rules","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.d5c98973-75d3-455f-b9d7-a1db4b8ebd62.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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