EGX closed in mixed notes on Sept. 15    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    EHA launches national telemedicine platform with support from Egyptian doctors abroad    Madbouly reviews strategy to localize pharmaceutical industry, ensure drug supply    Al-Mashat tells S&P that Egypt working to reduce external debt, empower private sector    Cairo's real estate market shows resilient growth as economy stabilizes: JLL    Egypt's real estate market faces resale slowdown amid payment pressures    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt renews call for Middle East free of nuclear weapons، ahead of IAEA conference    Egypt's EDA, Korean pharma firms explore investment opportunities    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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Egypt signs MoU with Singapore at FinTech conference in bid to become major innovation hub
Ahram Online Published in Ahram Online on 06 - 02 - 2018

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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