Misr Digital Innovation (MDI), a subsidiary of Banque Misr, submitted the first integrated official application to obtain a licence to operate the first digital bank in Egypt, according to the rules set by the Central Bank for licensing, registering, monitoring and supervising digital banks, as part of the state’s efforts to support innovation and digital transformation and keep abreast of global developments in the financial technology industry.
The company said, in a statement, that digital banks serve the state’s orientation to serve financial inclusion, and indicated that it has complied with all the conditions set by the Central Bank of Egypt, and has submitted an integrated file that includes a detailed feasibility study that includes identifying the target segments and products that are planned to be made available through the digital bank, as well as technology plans, cyber security plans and strategies. The company stated that it attaches great importance to the file of securing the data of the new digital bank’s customers, and helped it in Egypt’s possession of open legislation and a very good infrastructure that keeps pace with the continuous development in the field of information security.
MDI said the Central Bank of Egypt will review its application to ensure the integrity of all procedures and documents, in addition to testing the electronic application of the digital bank that has been completed and the services that it will provide to customers, expecting the completion of the Central Bank’s review, fulfilling the conditions, and launching the service within a few months.
The company indicated that digital banks are unique in that they meet all customer needs without the need to go to branches. It emphasized that the digital bank has no branches, and is based on technology, and a digital account is opened from anywhere within minutes, and official documents are obtained by uploading them to the mobile phone, and it is ensured that they are not forged by linking with government agencies. Money can also be placed in the account in different ways, and it can be dispersed via credit cards or mobile phones.
It explained that all this effort needed to prepare an integrated infrastructure, and the company was able during the last period to build it internally, confirming its readiness to start operating the services of the first digital bank in Egypt.
Thus, MDI is the first entity to apply for a digital bank licence in Egypt. The company is counting on this ambitious project to achieve great success and to lead the market in this field, especially after providing all modern technological capabilities and great banking expertise, supported by the expertise of international expertise houses from the leading companies in the establishment of digital banks.
MDI mainly targets young people from the new digital bank, given that they are more able to deal with various digital media, especially since digital banks provide more distinguished services to customers, as they provide data-based services.