Sabry told the news outlet that the KSA is a promising market with high financial solvency and strong competition in the field of epayments
Egypt’s epayments and digital finance platform, Fawry, is in talks with the KSA’s central bank as it looks to expand to several countries, Fawry CEO Ashraf Sabry told Ashraq Business. The CEO noted that the company is seeking to finalize its expansion plans this year, and is eager to implement it next year.
Sabry told the news outlet that the KSA is a promising market with high financial solvency and strong competition in the field of epayments.
In Egypt, Sabry stated that Fawry is looking into applying for a digital banking license, and is researching the feasibility of acquiring the license without bringing in a foreign partner, adding that Fawry already has experience with lending and other financial activities.
The Fawry CEO expects the company to make its official decision by the end of the year.
The Central Bank of Egypt (CBE) recently issued new amendments to regulations for FinTech/digital banks regarding licensing, registering, and supervision. The new licensing regulations stipulate that digital banks must maintain a minimum issued and paid-up capital of EGP 2 billion ($65 million).
Fawry, an EGX-listed company, has no difficulties with financing to establish a digital bank, Sabry emphasized, pointing out that the company maintains good liquidity volumes when discussing the company’s current capital.
The epayments company plans to launch a “remittance hub” by the end of the year to facilitate money transfers to Egypt from Egyptian expats living in the MENA region, according to Sabry in a previous interview with Ashraq Business. At the time, Sabry explained that Fawry was in talks with Banque du Caire and the Abu Dhabi Islamic Bank.
