FinTech Egypt Dialogue podcast launches its first-ever session about E-KYC Regulations and Regulatory Sandbox
25 February 2020
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FinTech Egypt Dialogue, the first monthly podcast that
focuses on financial technology in Egypt hosted by FinTech Egypt in
collaboration with GIZ has recently launched its first episode for all FinTech
stakeholders and enthusiasts to enjoy in the comfort of their home.
The webinar kicked things off in excitement as moderator
Hossam Mahmoud, advisor at GIZ Egypt, was joined by guests Mr. Ahmed Monir, Head
of Regulatory Sandbox at Central Bank of Egypt, as well as Mr. Omar Abdel
Wahed, Co-Founder and CEO of Valify Solutions.
The session started off with a question to Ahmed Monir about
what happened in the FinTech arena in 2020 in terms of regulations and more, and
what his expectations are for 2021 in that respect.
He stated that the issuance of a new banking law (Law 194)
in 2020 was an important milestone that reflects the interest of the CBE in terms
of new FinTech trends happening today.
“This law laid
out the legislative basis for digital transformation in the financial and
banking sector through devoting an entire chapter for governing financial
technologies”
He also mentioned that this was the one of the most
important initiatives that tackled regulatory issues during 2020. For 2021, he
said they need to focus more on emerging FinTech trends according to the needs
of the Egyptian market. These needs are being determined as they go along, but
many of them have been properly defined to meet the demands of the market
because the Central Bank of Egypt has already opened channels with different
players of the FinTech ecosystem to pinpoint what exactly needs to be addressed
in the current year.
The host
proceeded to ask Mr. Monir about RegTech (regulatory technology) as one of the
most promising technologies to date in FinTech.
“RegTech is employing technologies to meet regulatory requirements and reduce compliance costs, and it promises to enrich the regulatory landscape by providing technologically advanced solutions to the ever-increasing demand for compliance within the finance industry”
He went on to mention that there are many examples of
RegTech activities like e-KYC, shared databases, streamlined AML process,
biometric applications, and reporting mechanisms, and currently, Valify in cooperation with ABK - Egypt Bank are
testing their e-KYC solution inside the Regulatory Sandbox.
The conversation moved on to Mr. Abdel Wahed, where the host
asked him about eKYC and why he has launched Valify in Egypt. Mr. Abdel Wahed
stated that Valify is indeed categorized under RegTech, and the company
currently provides a digital identity infrastructure technology to facilitate
the process of onboarding and verifying customers remotely, represented by the
digitization of KYC (Know Your Customer) into e-KYC.
“What we’re trying
to do is make the client’s experience much simpler and more seamless without
having to be physically present within a branch in order to get access to a
digital service, or even digitize their experience within a branch”
Mr. Abdel Wahed stated that they (Valify) want to optimize
the internal processes of financial institutions while making it more efficient
and cost-effective. He talked about how the obvious movement towards financial
inclusion and digitization by the CBE, such as the regulatory sandbox, is
significantly enabling the transition into a digitized economy where Valify can
contribute to its success.
“Valify’s main aim
is to be that digital identity gateway that bridges the gap between different
stakeholders, whether it’s the regulators such as the CBE or their clients”
Mr. Monir mentioned that the Regulatory Sandbox is a virtual
environment made to enable FinTech applicants to try out their innovative
solutions in a live environment during a limited period of time and with
well-defined parameters where all challenges and risks are strictly contained.
Startups can apply to the cohort-based regulatory sandbox
once the CBE announces that they are open for applications during a specified
period of time by filling the online application form on the CBE’s official
website.
He recommends to startups that are interested in applying to
go through the regulatory sandbox framework that is published on the CBE’s
website to ensure that they are fulfilling all eligibility criteria and
requirements so that they know exactly what to provide and expect from it.
Mr. Abdel Wahed went on to say that their journey was filled
with obstacles due to the main issue that their service didn’t have a framework
to operate in, and this is where the regulatory sandbox empowered them to
realize Valify’s full potential. They have been working with the CBE for quite
a long time now, allowing them to successfully deploy their solution and make
it see the light of day in the Egyptian market through enabling Valify to test,
iterate and optimize their software through the safe virtual environment
provided by the regulatory sandbox initiative.
He also mentioned that the market is witnessing a shift in
regulation policies and becoming more flexible and accepting change, which also
pertains to industries outside of finance, due to the changing landscape after
COVID-19, in addition to the ongoing digital transformation efforts in Egypt
today. This resulted in giving Valify the boost it needed to thrive, and the
final obstacle was eliminated by joining the regulatory sandbox.
Listen to full episode of FinTech Egypt Dialogue’s first-ever FinTech-centric podcast from here:
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