Emirati StarLink, CBE in talks over boosting Internet Banking service in Egypt

The IT security provider StarLink is currently in talks with Egypt’s Central Bank (CBE) over developing the standards of used technology in banking sector i.e. Internet Banking, an official stated Tuesday.

During a press conference held Tuesday in StarLink, Mohamed el Naqeeb -regional director- stated that 90 percent of local banks are dealing with the UAE-based company.

Most of the Egyptian banks have an approach to provide their clients with security services using Basel II and Basel III

Basel II is an international business standard that requires financial institutions to maintain enough cash reserves to cover risks incurred by operations.

Meanwhile, Basel III is a global, voluntary regulatory framework on bank capital adequacy, stress testing and market liquidity risk.

The Basel accords are a series of recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision (BSBS).

El Naqeeb clarified that StarLink is about to increase its employees in Egypt at the beginning of 2016 .

StarLink is a solution provider for around 350 authorities  notably finance and communications and information technology ministries in addition to most banks working in Egypt, director El Naqeeb pointed out.