Egypt signs MoU with Singapore at FinTech conference in bid to become major innovation hub

Ahram Online , Tuesday 6 Feb 2018

The MoU allows the Central Bank of Egypt and the Monetary Authority of Singapore to share FinTech experiences

CBE Governor Tarek Amer

The Central Bank of Egypt (CBE) and the Monetary Authority of Singapore signed a Memorandum of Understanding on Tuesday to “share experiences” in financial technology (Fintech), according to a CBE press release.

The MoU aims “to bridge Fintech knowledge and the latest trends,” said deputy CBE governor Lobna Helal, who signed the MoU. 

The signing came at Financial Technology Conference 'Seamless North Africa,' inaugurated on Tuesday by CBE governor Tarek Amer on behalf of President Abdel-Fattah El-Sisi.

“The Central Bank of Egypt aims to make 2018 a real starting point for the banking sector in Egypt, through supporting more innovative FinTech products and services, with a view to establishing an integrated and encouraging ecosystem for attracting more players in FinTech industry in Egypt,” said Helal. 

The CBE is cooperating with a global FinTech advisor to draft a 2018 strategy to transform Egypt into a regional and international innovation hub, said Ayman Hussein, CBE Sub-Governor for Payments Systems and Information Technology.

“We are confident that the Central Bank of Egypt will succeed in transforming Egypt into a regional and global hub for investment in Fintech over the next three years,” read a speech by Prime Minister Sherif Ismail, delivered by the CBE governor.

The CBE also wants to establish a regulatory framework that helps the expansion of FinTech services without compromising banking safety procedures, according to Hussein. 

The two-day event, attended by 500 participants, is hosted by the CBE in partnership with the Arab Federation of e-Commerce, the Council of Arab Economic Unity and the League of Arab States. 

“Compared to traditional financial products and services, FinTech products and services are faster, more safe, efficient and cost-effective, and hence enabling more and more individuals to access and benefit from FinTech services. This makes FinTech one of the key pillars of financial inclusion,” Amer said. 

“The Central Bank of Egypt encourages the expansion of FinTech as part of the transformation efforts to a cashless economy,” Amer added.

A FinTech Innovation Exhibition was held on the sidelines of the conference. 

Three keynote panels were held, where FinTech industry experts spoke of “Adapting in FinTech Age”, “Successful Global FinTech Updates” and “Collaboration as the Key Digital Services Inclusion.”

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