{"id":590329,"date":"2023-07-17T00:00:00","date_gmt":"2023-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/this-evening-fawry-could-apply-for-a-digital-banking-license\/"},"modified":"2023-07-17T00:00:00","modified_gmt":"2023-07-17T00:00:00","slug":"this-evening-fawry-could-apply-for-a-digital-banking-license","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/17\/this-evening-fawry-could-apply-for-a-digital-banking-license\/","title":{"rendered":"THIS EVENING: Fawry could apply for a digital banking license"},"content":{"rendered":"

Good afternoon, friends, and happy Monday.<\/span> We have a relatively busy news day here at<\/span> home, with a little bit of everything to keep us busy. <\/span><\/p>\n

We\u2019re heading towards a long weekend:<\/span> We now have confirmation from <\/span>the central bank<\/a><\/span>, the EGX,<\/span>and <\/span>the Labor Ministry<\/a><\/span> that banks, the bourse, and the private sector will be taking Thursday 20 July and Sunday 23 July as holiday in observance of the Islamic New Year and Revolution Day. <\/span><\/p>\n

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

<\/span>Fawry is mulling applying for a digital banking license<\/span>, <\/span>Asharq Business<\/a><\/span> quotes Fawry CEO Ashraf Sabry as saying. The fintech giant is looking into submitting its application to the Financial Regulatory Authority without bringing in a foreign partner with banking experience, Sabry said. <\/span><\/p>\n

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

China\u2019s growth tumbles in 2Q:<\/span> China\u2019s economy grew at a meager rate in the second quarter<\/span> of <\/span>2023 <\/span>on the back of declining exports, weak retail sales, and a struggling property sector, raising the likelihood that policymakers will ramp up efforts to boost the economy\u2019s weak recovery more than six months after stringent covid-19 restrictions were lifted. GDP grew at a 6.3% y-o-y clip during the quarter, with q-o-q growth coming in at 0.8%, according to data released by the country\u2019s <\/span>National Bureau of Statistics<\/a><\/span>. Meanwhile, the unemployment of youth aged 16 to 24 climbed to a record 21.3% in June, up from 20.8% the month before.<\/span><\/p>\n

The story is everywhere in the international business press:<\/span>Reuters<\/a><\/span>| <\/span>Wall Street Journal<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>CNBC<\/a><\/span><\/p>\n

<\/p>\n

\n

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