{"id":619513,"date":"2024-05-02T00:00:00","date_gmt":"2024-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/mdi-gets-initial-approval-to-launch-egypts-first-digital-bank\/"},"modified":"2024-05-02T00:00:00","modified_gmt":"2024-05-02T00:00:00","slug":"mdi-gets-initial-approval-to-launch-egypts-first-digital-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/mdi-gets-initial-approval-to-launch-egypts-first-digital-bank\/","title":{"rendered":"MDI gets initial approval to launch Egypt\u2019s first digital bank"},"content":{"rendered":"

Good afternoon, folks, and happy Thursday. <\/strong>Don\u2019t forget to switch off your alarm clocks as the public and private sectors and all banks will be off on Sunday and Monday in observance of Labor Day and Sham El Nessim next week.<\/p>\n

And that includes EnterprisePM Egypt,<\/strong> which will be taking a break from your inbox until Tuesday afternoon when we will be back with all the most important lifestyle + business news to keep you up to date.<\/p>\n

In today\u2019s issue,<\/strong> we wonder how much of our favorite food we can enjoy before climate change completely alters how it tastes. We also have a look at the steps taken towards establishing Egypt\u2019s first digital bank.<\/p>\n

\n

THE BIG STORY TODAY<\/p>\n

A big step towards Egypt\u2019s first digital bank: <\/strong>Banque Misr\u2019s Misr Digital Innovation (MDI) has received an initial approval from the Central Bank of Egypt to launch the country\u2019s first digital bank, dubbed Onebank, MDI said in a statement today (pdf)<\/a>. Onebank aims to launch in 4Q 2024 \u201cafter completing the second phase of the due and obtaining the operating license,\u201d the statement reads.<\/p>\n

Three years in the making: <\/strong>Banque Misr has been planning to launch its digital bank since 2021<\/a> after it founded MDI in 2020. MDI became the first company to submit an official application for a digital banking license in August, one month after the CBE published the new licensing rules for digital banks<\/a>.<\/p>\n

One bank among many:<\/strong> Several banks and financial firms have previously announced their interest<\/a> in establishing digital banks, including National Bank of Egypt, Emirates NBD, Orascom Financial Holding (OFH), Ostoul Securities Brokerage, and OPay.<\/p>\n

\n

\n

Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We\u2019re a massive consumer opportunity and the regional export hub of tomorrow.<\/strong><\/p>\n

\u2026but here at home, our community is in a rut.<\/strong> The enthusiasm gap between domestic business leaders and global investors is stark. <\/p>\n

We\u2019d all do well to remember: It\u2019s a chicken-and-egg kind of thing. <\/strong>Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.<\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks.<\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited. <\/p>\n

<\/a> <\/p>\n

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

Campus protests across the US are still in the foreground of international coverage today, as police forces storm the encampments.<\/strong> Early this morning, the LAPD stormed the pro-Palestinian encampment at UCLA, declaring the protests no longer peaceful. International publications have reported clashes between both parties. Pro-Palestinian protesters were sprayed with chemicals, beaten with poles, and hurt by fireworks shot at the camp by pro-Israel instigators. (NYT<\/a> | Reuters<\/a> | CNN<\/a>)<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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