In efforts to collaborate, share experiences and expand regional influence in the FinTech innovation sector, a memorandum of understanding was signed between the Central Bank of Egypt and the Central Bank of Bahrain at the CBE’s FinTech Egypt booth during the Singapore FinTech Festival, held from the 11^th to the 15^th of November 2019.

The MoU was signed by the Governor of the Central bank of Bahrain H.E Mr. Rasheed Al Maraj and the Deputy Governor of the Central bank of Egypt H.E Mrs. Lobna Helal, as part of their strategic plan to enhance cooperation efforts with major FinTech-centric international & regional parties and benefit from the latest trends & applications in the industry.

The MoU itself dictates the terms of joint cooperation between the two entities, such as empowering the exchange of expertise and information in terms of regulations, facilitating the mechanisms of knowledge transfer between the two countries and enabling the possibility of future collaborative FinTech projects.

H.E Mr Rasheed Al Maraj expressed his delight at the signing of the MoU, stating he was pleased to cooperate with the CBE in anticipation of sharing knowledge and experiences to mutually develop the FinTech industry between the two countries and support the provision of these services to the financial sector in Egypt.

For her part, H.E Ms. Lobna Helal elaborated on the MoU’s significance by explaining that it contributes to the bigger picture; creating an encompassing financial technology network based on a cooperative and integrated relationship between banks and FinTech companies in the region. The MoU empowers this vision by helping to attract more key players to the Egyptian and Bahraini markets, allowing the countries to reap the mutual benefits and grow a fruitful ecosystem among regional banking institutions.

The Central Bank of Egypt’s exhibition booth saw many interested attendees take the time to explore the FinTech Egypt strategy initiatives, engage in fun activities and familiarize themselves with Egypt’s thriving FinTech ecosystem. Being the largest and most important FinTech event in the world, the 2019 Singapore FinTech Festival certainly built up on last year’s success and delivered an outstanding event that entertained leading international financial technology companies, emerging digital finance startups, entrepreneurs, FinTech investment institutions, international FIs, leading regulatory and government agencies from around the world.

Tags

Central Bank of Egypt, MoU, CBE, FinTech Egypt, SGFinTechFest, SFF 2019, Singapore FinTech Festival 2019, Sustainability, Global Markets, Lobna Helal, Rasheed Mohammed Al Maraj, Central Bank of Bahrain, Middle East, MENA