Banking Without Banks? The Regulation Of Fintechs In Egypt

As Uber has transformed the taxi-business, Fintechs are challenging the role of banks as the sole providers of financial services. The "Digital Banking Manifesto" published by MIT in 2016 predicts disruptive change in the financial services industry that will lead to the "end of banks". This client alert examines the regulatory position of alternative, technology-based providers of financial services in Egypt. While the Fintech industry in Egypt is growing, there are still significant regulatory hurdles to overcome.

"Fintechs"

Fintechs are companies that provide financial services by using information technology. Over the last couple of years, the Egyptian market has developed slowly but steadily, with the number of Fintech startups gradually increasing. Business models include the following: