{"id":590368,"date":"2023-07-18T00:00:00","date_gmt":"2023-07-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/18\/fawry-plans-to-expand-to-saudi-arabia-eyes-digital-banking-license\/"},"modified":"2023-07-18T00:00:00","modified_gmt":"2023-07-18T00:00:00","slug":"fawry-plans-to-expand-to-saudi-arabia-eyes-digital-banking-license","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/18\/fawry-plans-to-expand-to-saudi-arabia-eyes-digital-banking-license\/","title":{"rendered":"Fawry plans to expand to Saudi Arabia + eyes digital banking license"},"content":{"rendered":"

Fawry wants to enter new markets:<\/strong> EGX-listed e-payments platform Fawry is looking at expanding its operations to several countries, including Saudi Arabia, Asharq<\/a> Business<\/a> quotes Fawry CEO Ashraf Sabry as saying. The fintech giant is currently in talks with the Saudi Central Bank about its potential expansion to KSA, Sabry said, with an eye to kick off its expansion plans next year. A company representative declined to comment when we reached out yesterday. <\/p>\n

Here at home:<\/strong> The company is considering applying for a digital banking license and is looking into the feasibility of acquiring the license without bringing in a foreign partner with experience in the banking sector, since it already has experience with lending and other financial activities, Sabry is quoted as saying. The company expects to make a decision on whether or not to submit its application to regulators by the end of the year. <\/p>\n

REMEMBER-<\/strong> The Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE) issued last week updated licensing rules and regulations for fintech providers<\/a> to streamline and ensure consistency of process. Digital banks will now need at least EGP 2 bn in capital to get their digital banking license. 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 relevant experience. <\/p>\n

ICYMI-<\/strong>Fawry is expected to roll out a \u201cremittance hub\u201d<\/a> by the end of the year for Egyptians working across the MENA region to transfer funds home. The company is in talks with Banque du Caire and Abu Dhabi Islamic Bank to devise a mechanism for the transfers and plans to extend its remittance services to expats in two other unspecified countries in the Gulf and the Levant. It also inked an agreement<\/a> with Gulf voice-calling app Botim in February to allow Egyptian expats residing in the UAE to pay bills and send home remittances. <\/p>\n","protected":false},"excerpt":{"rendered":"

Fawry is in talks with the Saudi central bank to acquire a license<\/p>\n","protected":false},"author":1,"featured_media":590369,"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":[521,204,72,519,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-ashraf-sabry","tag-banking","tag-enterpriseam","tag-fawry","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"b10ac076-8a39-4edc-82d5-709e862a24f9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/669.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fawry in talks with FRA for digital banking license","related_issue":[590357],"teaser":"Fawry is in talks with the Saudi central bank to acquire a license","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.f5586513-b06e-4659-8224-6c65257fc5ea.mp3"},"yoast_head":"\nFawry plans to expand to Saudi Arabia + eyes digital banking license - 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The fintech giant\u2019s bottom line was impacted by nonrecurring items, including a noncash EGP 19.1 mn expense for its newly introduced employee stock\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564468,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/fintech-vies-with-healthcare-as-egypts-hottest-sector\/","url_meta":{"origin":590368,"position":4},"title":"Fintech vies with healthcare as Egypt\u2019s hottest sector","author":"enterpriseam admin","date":"8 February 2021","format":false,"excerpt":"E-payments giant Fawry is looking to make up to two acquisitions this year, founder and CEO Ashraf Sabry tells Reuters in an interview picked up by the local press. The company is apparently exploring seven or eight startups offering B2C digital payments services, with a plan to acquire shares in\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542884,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/fawry-eyes-capital-increase-us-listing\/","url_meta":{"origin":590368,"position":5},"title":"Fawry eyes capital increase, US listing","author":"enterpriseam admin","date":"23 January 2022","format":false,"excerpt":"US listing in the works for Fawry? EGX-listed e-payments giant Fawry has received approval from its board of directors to create an American depositary shares (ADS) program, which would allow the company to list shares in the US, and is exploring an SEC-registered secondary offering to follow, CEO Ashraf Sabry\u2026","rel":"","context":"In "FINANCE WATCH"","block_context":{"text":"FINANCE WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/finance-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/270.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\/590368","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=590368"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590368\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590357"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590369"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590368"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590368"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}