The Central Bank of Egypt (CBE) has granted approval for Misr Digital Innovation (MDI) to transition into onebank, the country’s first fully digital native bank, as per a press release.

Bank NXT has teamed up with Red Hat, a leading global provider of open-source solutions, to enhance its digital banking infrastructure and boost operational efficiency

Cairo-based fintech start-up Sahl is probing obtaining a license for launching a digital bank in Egypt.

Misr Digital Innovation (MDI), an affiliated company with Banque Misr, has invested EGP 2.5 billion so far in Onebank, the first digital bank in Egypt.

The Central of Egypt (CBE) has given a preliminary approval to Misr Digital Innovation (MDI) company to launch the first digital bank in Egypt, under the name Onebank.

Misr Digital Innovation (MDI), a subsidiary of Banque Misr, has submitted an application form to obtain a license to operate the first digital bank in Egypt.

Beltone operates within the diversified financial sector. It provides brokerage, asset management, investment banking, and liquidity services in regional markets, in addition to research and analysis services.

The fintech firm Opay is intending to apply for a license to establish a digital bank in Egypt with a capital of $60 million.

Egypt has been supporting digital transformation and innovation to enhance the economy. As a way to digitalize its banking system, the Central Bank of Egypt (CBE) issued rules in July for licensing, registering, monitoring, and supervising digital banks. This comes as digital banking enables customers the flexibility to access their banking services anytime, anywhere. As the CBE licenses it, the digital banking sector comes with opportunities and challenges that need to be faced.

Banque Misr has submitted a request to relevant authorities to obtain a digital bank license, Chairman Mohamed El-Etreby said.

Fawry for Banking Technology and Electronic Payment (FWRY) is considering submitting a request to the concerned authorities to obtain a license for establishing a digital bank in Egypt.

The Central Bank of Egypt (CBE) has introduced new rules for licensing and registering digital banks.