Regulatory Alerts2024-05-07 | CBE1.8Added · Updated
CBE Regulation Book 1.8 - Rules For Licensing, Registering, Controlling, And Supervising Digital Banks
The Central Bank of Egypt establishes rules for licensing, registering, and supervising digital banks, requiring a minimum paid-up capital of 2 billion EGP for Egyptian joint-stock companies or 2 million USD for foreign bank branches. The regulations mandate that a financial founder hold at least 30% of capital, prohibit the establishment of physical branches, and restrict credit facilities to large companies unless specific capital increases and approvals are obtained. The document outlines detailed application procedures, required documentation regarding governance and cybersecurity, and defines the conditions for license revocation and operational suspension.
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