Egypt studies the possibility of establishing digital bank: Amer

Egypt is considering the idea of establishing digital banks, the Governor of Central Bank of Egypt, Tarek Amer said, adding that the bank promotes innovation and entrepreneurship.

He made this comments during ‘Seamless North Africa’ hosted in Egypt to bolster the digital economy. The two-day conference is being organised by the CBE, the Council of Arab Economic Unity, the League of Arab States, and the Arab Federation of e-Commerce.

The conference aims at establishing an integrated financial technology economic system by allowing global companies in the field to launch their latest innovations in the Egyptian market.

The conference will mainly focus on financial technology (FinTech), payment, and e-commerce. It will hold a competition on the sidelines involving local and international startups to promote innovative ideas that could revolutionise the Egyptian FinTech industry.

The central bank of Egypt and the government are working on developing the infrastructure of financial technology to attract and support creative ideas, besides financing small and medium enterprises (SMEs), according to Amer.