{"id":619574,"date":"2024-05-07T00:00:00","date_gmt":"2024-05-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/banque-misrs-mdi-receives-approval-for-digital-banking-license-from-cbe-cbe-issues-new-ownership-regulations\/"},"modified":"2024-05-07T00:00:00","modified_gmt":"2024-05-07T00:00:00","slug":"banque-misrs-mdi-receives-approval-for-digital-banking-license-from-cbe-cbe-issues-new-ownership-regulations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/07\/banque-misrs-mdi-receives-approval-for-digital-banking-license-from-cbe-cbe-issues-new-ownership-regulations\/","title":{"rendered":"Banque Misr\u2019s MDI receives approval for digital banking license from CBE + CBE issues new ownership regulations"},"content":{"rendered":"

A step closer to launching Egypt\u2019s first digital bank: <\/font><\/strong>Banque Misr\u2019s Misr Digital Innovation (MDI) has received preliminary approval from the Central Bank of Egypt to launch the country\u2019s first digital bank, MDI said in a statement (pdf)<\/a> on Thursday. The new bank will be called Onebank, MDI announced.<\/p>\n

What\u2019s next: <\/strong>MDI plans to get Onebank off the ground in 4Q 2024 after finalizing the second phase of due diligence and acquiring the operating license.<\/p>\n

Remember:<\/strong> MDI applied for a digital banking license in August<\/a>, becoming the first local company to do so. The CBE updated regulations<\/a> to the Banking Act governing digital bank licensing the month prior to MDI announcing its intention.<\/p>\n

Basata to follow suit? <\/strong>Fintech platform Basata Financial Holding<\/a> is also looking into setting up a digital bank, the company\u2019s chairman Aladdin Saba told Al Borsa<\/a>. The company is reportedly in the process of studying the requirements of acquiring a digital bank license.<\/p>\n

More companies in line to establish digital banks? <\/strong>Local firms Ostoul Securities Brokerage<\/a>, OPay<\/a>, and PaySky<\/a> have also announced their plans to apply for a digital banking license.<\/p>\n

CBE ISSUES NEW OWNERSHIP REGULATIONS-<\/p>\n

The CBE issued new ownership rules for banks: <\/strong>Buyers who are going to acquire more than a 10% stake in a bank \u2014 or a stake that would otherwise grant the buyer voting rights \u2014 will have to file a request to the CBE at least 60 days ahead of finalizing the agreement, according to a circular (pdf)<\/a> issued on the CBE\u2019s website. <\/p>\n

The submission must include<\/strong> a solvency report of the applicant, future management plans for the bank and the policies they target, and a list of the shares they own in other companies, the statement read. Additionally, the acquisition must be completed within six months of receiving the CBE\u2019s approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

Those acquiring more than a 10% stake in a bank would have to request approval from the CBE 60 days in advance<\/p>\n","protected":false},"author":1,"featured_media":619575,"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":[204,576,271,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-619574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banque-misr","tag-central-bank-of-egypt","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"6f9ecb2b-bca7-4c60-a412-abce680d5375","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/290.jpg","photo_position":"above","homepage_title":"Banque Misr to launch digital bank","full_issue_title":"Banque Misr to launch digital bank in 4Q after receiving license from CBE + CBE issues new ownership regulations","related_issue":[619565],"teaser":"Those acquiring more than a 10% stake in a bank would have to request approval from the CBE 60 days in advance","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.d76a244f-673e-4e72-9be6-ac255b41aa2f.mp3"},"yoast_head":"\nBanque Misr\u2019s MDI receives approval for digital banking license from CBE + CBE issues new ownership regulations - 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PLUS: Cairo Metro Line 3, B.TECH + outsourcing","author":"enterpriseam admin","date":"20 August 2023","format":false,"excerpt":"MDI is the first company to apply for a digital banking license","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/896.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619513,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/02\/mdi-gets-initial-approval-to-launch-egypts-first-digital-bank\/","url_meta":{"origin":619574,"position":3},"title":"MDI gets initial approval to launch Egypt\u2019s first digital bank","author":"enterpriseam admin","date":"2 May 2024","format":false,"excerpt":"Good afternoon, folks, and happy Thursday. 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.And that includes EnterprisePM Egypt, which will be taking a\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557461,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/20\/banque-misr-wants-to-launch-its-digital-bank-in-1q2022\/","url_meta":{"origin":619574,"position":4},"title":"Banque Misr wants to launch its digital bank in 1Q2022","author":"enterpriseam admin","date":"20 September 2021","format":false,"excerpt":"Banque Misr plans to launch Egypt\u2019s first digital bank during 1Q2022, the bank\u2019s Vice Chairman Akef El Maghraby told Masrawy.The launch date will depend on when there\u2019s a framework in place: The Central Bank of Egypt is still working on a regulatory framework governing digital banks. We were originally expecting\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":607340,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/whats-a-bank-anyway\/","url_meta":{"origin":619574,"position":5},"title":"What\u2019s a bank, anyway?","author":"enterpriseam admin","date":"2 October 2023","format":false,"excerpt":"Whether you call them digital banks, challenger banks or neobanks, this much is clear: The flavor of the decade in global banking is coming to Egypt in early 2024. That\u2019s when most of us expect the first homegrown digital bank to open its (virtual) doors. Digital banks are all about\u2026","rel":"","context":"In "ENTERPRISE FINANCE FORUM"","block_context":{"text":"ENTERPRISE FINANCE FORUM","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-finance-forum\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/75.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\/619574","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=619574"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619574\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619565"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619575"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619574"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619574"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}