Arab Finance: The Central Bank of Egypt (CBE) has introduced new rules for licensing and registering digital banks, according to a statement on July 12^th.

The licensing requirements for digital banks include that their issued and paid-up capital should not be less than EGP 2 billion in the case of practicing all banking businesses, except for financing major companies.

However, digital banks seeking to get the license and finance major firms shall raise their capital to EGP 4 billion and their largest shareholder shall be a financial institution with a previous business background in similar activities at a rate of not less than 30% of the total value of the capital.

Moreover, each digital bank has to submit a detailed feasibility study that identifies the target segments and the products to be made available.

The CBE said that the move 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.

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