Misr Digital Innovation (MDI), a subsidiary of Egyptian state-owned Banque Misr, has formally submitted an application to the Central Bank of Egypt (CBE) for a digital banking license within the country.
This application follows the recent unveiling of new regulations by the central bank, which pertain to the licensing and oversight of digital banks. The introduction of these regulations aligns Egypt with global trends in financial technology and serves to meet the evolving needs of Egyptian consumers. The government’s embrace of these regulations underscores its commitment to fostering innovation and nurturing the growth of the digital economy.
The issuance of digital banking licenses in Egypt is a pivotal stride toward promoting financial inclusion and propelling the nation towards a cashless economic framework. In a statement, MDI highlighted that it has diligently presented an all-encompassing application to the CBE, encompassing a comprehensive feasibility study targeting specific client segments, delineation of the banking products earmarked for the digital bank, as well as meticulous IT and cybersecurity strategies.
MDI emphasized the utmost importance of safeguarding consumer data in the realm of digital banking, particularly in light of Egypt’s progressive legal landscape and robust infrastructure that align with evolving standards in data protection.
Established in 2020 under the auspices of one of the largest state-owned banks, MDI was conceived with the overarching goal of pioneering Egypt’s inaugural digital native bank. This application to secure a digital banking license is a significant stride towards realizing this ambition and further underscores the transformational impact of technology in Egypt’s financial sector.
