The Central Bank of Egypt (CBE), in collaboration with the Financial Regulatory Authority (FRA), has finalized the technical settings for the draft law that regulates alternative financing activities and fintech services related to banking. According to the economic magazine recently released by the CBE, the law aims to provide legislative coverage for regulating alternative financing activities and fintech services linked to banking. It seeks to establish regulatory and supervisory boundaries for both the CBE and the FRA, defining the scope of their jurisdiction. The law also aims to establish general rules for the activities and services outlined in the law to ensure the protection of the interests of all participants. Furthermore, the law aims to tighten control over fintech activities to ensure compliance with the state’s financial and monetary policies, enhancing financial and monetary stability.
