Ayman Hussein: The Central Bank is working with the Financial Regulatory Authority to issue a law to benefit from alternative financing services
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Engineer Ayman Hussein, Senior Deputy Governor of the Central Bank for the Information Technology Sector, said, “Technology has become an essential part of our daily lives, and a necessity imposed by the requirements of the present and future aspirations. There is no doubt that the banking sector is fully aware of the importance of technology, because of its ability To achieve a leap in the efficiency and effectiveness of providing financial and banking services.
He added, during his speech at the Financial Technology Conference under the title “Establishing the New Republic... A New Vision for the Digital Economy and Monetary Society,” that the Central Bank’s interest in digitizing financial services is in light of the integration with the goals and vision of the National Payments Council headed by President Abdel Fattah El-Sisi to transform into a less society. Depending on banknotes, one of the most prominent achievements of the Council was the establishment of the national payment system, MEEZA, which is the first local system of its kind independent and capable of providing the same services of foreign payment networks with full effectiveness and efficiency, in a way that avoids the national economy any effects that may result from the disruption of these external networks. for any emergency event.
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He explained that financial technology enabled us to turn challenges into opportunities, as the Central Bank directed banks to expand the provision of more digital banking services, which strengthened the ability of the banking sector to overcome many of the obstacles it faced in providing banking services, and reaching all categories. Society, which had a great impact on increasing the ability of the banking sector to respond quickly and flexibly to the requirements of the emerging Corona virus pandemic, as more than 1 billion electronic transactions worth 2.8 trillion Egyptian pounds were executed during the past year.
As part of its stimulating and supportive role in the financial technology industry, the Central Bank of Egypt launched the financial technology and innovation strategy in March 2019, which is in line with Egypt’s Vision 2030 for digital transformation and sustainable development, with the aim of transforming Egypt into a regional center for the financial technology industry at the Arab and African levels. .
In this context, the Central Bank of Egypt was interested in laying down the necessary legislative and regulatory foundations to support and stimulate the targeted digital transformation by allocating an entire chapter for payment systems and services and financial technology in the Central Bank and Banking System Law No. 194 of 2020.
He pointed out that the Central Bank of Egypt is currently working, in cooperation with the Financial Supervisory Authority, to issue a new law to set the legislative framework required to benefit from alternative financing services and financial technology activities related to banking services and to expand their provision to meet the needs of various groups in the Egyptian market.
