Senior bankers warn that financial technology (fintech) companies may replace banks unless the latter develop their services to customers, especially financial technology services. He stressed the importance of financial technology in enhancing financial inclusion and providing better and more convenient banking services to customers. “Fintech and its various applications allow opportunities and impose challenges simultaneously for banks, financial institutions, and supervisory bodies. This test can determine if that emerging company can operate on a wide scale as part of the existing financial services sector. According to El Kady, the Egyptian market is attractive for financial technology services companies, pointing out that Egypt, Jordan, and Lebanon occupy second place internationally in terms of the number of fintech companies, up to 15 in each.

Source: Daily News Egypt May 06, 2018 08:03 UTC