FinTech Egypt Dialogue podcast launches its first-ever session about E-KYC Regulations and Regulatory Sandbox
25 February 2020
1
0
7.8k 
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:
related articles
.png)
The Central Bank of Egypt Supports Women’s Empowerment to Expand their Businesses
Agri-FinTech Applications by Fresh Source
4th Episode of 7areef FinTech Podcast – Supply Chain Finance
FINTEKRS is for you!
Banque Misr Partnership
FINTEKRS Program Benefits
FINTEKRS 2nd Round- Assuit
3rd Episode of 7areef FinTech Podcast – Digital Payments
2nd Episode of 7areef FinTech Podcast – ROSCA
1st Episode of 7areef FinTech Podcast - FinTekrs Introduction
Are you interested to be “7areef FinTech”?!
.jpg)
“FinTech Egypt” Launches the First Digital Academy to Upskill the Workforce Skills in the Banking, Financial, and FinTech Sector
FINTECH IS EGYPT’S NEXT BIG OPPORTUNITY..Catch up with FINTEKRS
The Future is FinTech..JOIN FINTEKRS NOW!
FinTekrs’ Alex Round Sponsor
FinTech Worldwide Statistics...FINTEKRS is Not-To-Miss!
Who Can Apply to FINTEKRS
Knowledge from FINTEKRS!
4 Reasons to Join FINTEKRS!
Launching FINTEKRS
FinTech Egypt releases its FinTech Investments-focused H1 2022 Landscape Review “Why Egypt is a promising market for FinTech Investments?”
The Women Techsters Initiative Fellowship Class of 2023
We're bringing top LPs and GPs from around the world
The Egyptian FinTech ecosystem is booming
We've joined forces to bring the best LPs and GPs together
We're taking a closer look at Egypt
Come and join the key players in the Middle East & Africa’s VC market
Connect with Egypt
Frontier of Egypt, Africa & the middle East in the 2022
Egypt’s First VC Summit kicks off in partnership between GIZ Egypt, AfricaGrow and Fintech Egypt
BANQUE MISR, NATIONAL BANK OF EGYPT, AND BANQUE DU CAIRE LEAD INVESTMENT IN NEW FINTECH FUND
The Increasing Influence of Women in FinTech
FinTech Egypt is releasing the first comprehensive report of its kind providing an overview of the unprecedented growth of FinTech in the Egyptian market
5 FinTech Trends to Follow in 2022
How FinTech is Disrupting an Age-Old Industry
RESHAPING FINTECH WITH AI: TOP AI INNOVATIONS IN THE FINANCIAL INDUSTRY
Accelerate’ha’ Female-Focused Problem Statements Now Live!
Breaking Entry Barriers for Women in FinTech
Have Traditional Banks Realized the Full Potential of Fintech By Now?
Episode 5: Accelerating FinTech Innovation through Open APIs
Episode 4: Understanding Blockchain’ s Potential in Disrupting FinTech
.png)
Episode 3: Discovering FinTech Talent through “FinYology - FinTech for Youth”
Episode 2: The Current & Future state of FinTech during COVID-19
Where does Artificial Intelligence fit in FinTech?
Critical FinTech Questions That Only the Near Future Can Answer
Special Interview With Dor-E, Winner Of The AI-Customer Experience FinTech Innovation Challenge
Egyptian Banking Institute Announces “The Future Of FinTech And Latest Digitalization Trends” Field Trip
Artificial Intelligence Is Transforming Banking As We Know It
Artificial Intelligence Is Transforming Banking As We Know It
Hub71 Partners With Techstars In Launching An Accelerator Program To Boost Startups
FINTECH IN THE SAVANNAH: Afro-Asia FinTech festival 2019 that took place in Nairobi Kenya
How Machine Learning Supports Credit Profiling
The Central Bank of Egypt’s Regulatory Sandbox started its first cohort in “e-KYC” to empower the FinTech ecosystem in Egypt.
Dubai Smart City Accelerator invites Egyptian startups to join Cairo Fast Track
Calling All Egyptian FinTech Startups To Participate In The Afro-Asia FinTech Festival!
Paynas Wins Big At Seamless North Africa 2019
.jpg)
Seamless North Africa 2019
Announcing The Inaugural AFI FinTech Showcase
Fintech Trends In 2019 - Blockchain Adoption
.jpg)
Discounted Start-Up Passes
Comments