A Cooperation Agreement was signed yesterday by the National Telecom Regulatory Authority (NTRA), the Central Bank of Egypt, the Egyptian Financial Supervisory Authority, and the Anti-Money Laundering and Terrorist Financing Combating Unit to boost cooperation in FinTech field between the four parties. This took place within the activities of the two-day FinTech Conference "Seamless North Africa 2019” that was hosted by the Central Bank of Egypt in cooperation with the Council of Arab Economic Unity and the League of Arab States, with the participation of the Egyptian Banking Institute.
The Agreement was signed by Eng. Mustafa Abdel-Wahed, NTRA’s Acting Executive President, Mrs. Lobna Helal, Deputy Governor of the Central Bank, Mr. Khalid Al-Nashar, Deputy Chairman of the Financial Supervisory Authority, and Mr. Ahmed Saed, Chairman of the Board of Directors of the Anti-Money Laundering and Terrorist Financing Combating Unit. The Agreement signing was witnessed by HE Dr. Mostafa Madbouly, Prime Minister, Mr. Tarek Amer, Governor of the Central Bank of Egypt and Dr. Amr Talaat, Minister of Communications and Information Technology as well as Dr. Mohammed Omran, Chairman of the Egyptian Financial Supervisory Authority.
This comes in line with Egypt's Vision 2030 on attainment of sustainable development, and within the framework of the national strategy to achieve technological leadership in different fields, as the Government has been promoting its efforts aiming at the transformation to digital economy patterns, which is considered one of the main pivots in accomplishing the targeted sustainable development in all sectors and on all levels. The financial technology (FinTech) industry plays an essential role in the transformation to the targeted digital economy, as it is unattainable without having a robust infrastructure and technology supporting less cash-based transactions, known as “Cashless Transactions”.
In view of the overlap of FinTech activities as they fall under the powers and mandates of the Central Bank of Egypt, the Egyptian Financial Supervisory Authority, the Anti-Money Laundering and Terrorist Financing Combating Unit and the National Telecom Regulatory Authority (NTRA), the four parties convened with the aim of holding close cooperation in this area in order to create a legislative, regulatory and supervisory structure, supportive to FinTech industry in Egypt and set a stimulating environment boosting it.