Aiming to cope with rapid developments in the financial technology ecosystem, the Central Bank of Egypt (CBE)’s Regulatory Sandbox acts as a live testing ground for FinTech startups that are developing new business models but are currently hindered by stringent authorization requirements and regulatory uncertainty.
The CBE’s Regulatory Sandbox aims to pave the way for faster and easier access to new financial solutions and embed compliance within the FinTech ecosystem at an early stage. This will not only allow FinTech innovators to focus on their core offering, but also ensure that consumers and other players in the market are not adversely affected by the regulatory uncertainty of disruptive FinTech activities.
Since June 2019, the regulatory sandbox has been active and it started its first cohort. All FinTech startups and companies specializing in e-KYC solutions are invited to apply and experiment the digital onboarding of mobile payments subscriber solutions, under the CBE Regulatory Sandbox principles and eligibility criteria.
The application deadline for startups to participate in the first cohort “e-KYC” is on the 15th of July 2019.