Misr Digital Innovation, a subsidiary of Banque Misr, submitted, on Thursday, the first integrated application and official file to obtain a license to operate the first digital bank in Egypt, according to the rules set by the Central Bank for licensing, registering, monitoring and supervising digital banks.
The company confirmed that it complied with all the conditions set by the Central Bank of Egypt, and submitted an integrated file that includes a detailed feasibility study that includes identifying the target segments and products that are planned to be made available through the digital bank, as well as information technology plans, and cybersecurity plans and strategies.
The company expected that the central bank review would be completed, the conditions met, and the service launched within the next few months.
The “Egypt Digital Innovation” company mainly targets young people, given that they are more able to deal with various digital media.
And last July, the Central Bank of Egypt issued the rules for licensing, registering, monitoring and supervising digital banks, 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.
The licensing requirements for digital banks included that the issued and paid-up capital not be less than two billion pounds in the event that all banking business is practiced except for 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 the field. Similar activities by not less than 30 percent of the total capital value.
2023-08-17 15:48:54
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