2023-07-13 13:12:00
The Central Bank approves licenses for digital banks
Dubai – Mahmoud Salah El-Din
Posted on: July 13, 2023: 05:12 PM GST Last updated: July 13, 2023: 05:53 PM GST
Egyptian businessman Naguib Sawiris intends to apply for a license for a digital bank in Egypt, following its licenses were approved for the first time in the country.
The Egyptian billionaire, Naguib Sawiris, told Al-Arabiya.net today, Thursday, that he will apply for a digital bank license, following the Central Bank of Egypt approved the licensing rules for digital banks.
The new rules pave the way for Sawiris to establish a digital bank that may be the first of its kind in Egypt, in light of his repeatedly affirming his desire to obtain a traditional bank license before that.
In a conference held in Egypt, during April 2021, the Egyptian billionaire renewed his interest in obtaining a bank license in Egypt in accordance with the controls and standards set by the Central Bank when this is permitted. He said that he is seeking to own a banking unit in Egypt, especially since his company (Orascom Investment Holding) owns banking units abroad.
On Wednesday, the Central Bank of Egypt issued the rules for licensing and registering digital banks, monitoring and supervising them, which represents an important step in keeping pace with global developments in the financial technology industry and meeting the needs of customers in the Egyptian market, as a continuation of the state’s efforts to support innovation and transformation of the digital economy.
The licensing requirements for digital banks include that the issued and paid-up capital should not be less than two billion pounds in the event that all banking business is practiced, with the exception of financing large companies, with the possibility of financing these companies, provided that the capital is increased to 4 billion pounds, as well as that the largest shareholder is a financial institution with a previous business in Similar activities by not less than 30% of the total capital value.
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