Egypt - Draft bill to regulate fintech industry
Wednesday, 04 07 2021, Category: Technology, Country: Egypt
The draft law that will govern the fintech space received approval from the Madbouly cabinet in its weekly meeting yesterday, cabinet said in a statement. The new law would regulate the use of fintech to deliver non-banking financial services (NBFS) in a bid to promote financial inclusion and expand the number of beneficiaries.
The 30-article bill authorizes the Financial Regulatory Authority (FRA) to license and regulate the NBFS businesses and fintech startups. The regulator will also have supervisory powers over the sector to ensure companies adhere to transparency and governance standards, in addition to protecting consumer rights.