Digital banks, or banks that rely on their services through phone applications, started to emerge in early 2012 in conjunction with the global financial crisis, according to Sherif Al-Buhairi, Managing Director of Misr Digital Innovation Company.
In a meeting with Sky News Arabia, Al-Buhairi added that Egypt’s technological infrastructure currently permits the launch of digital banks. As a result, the Bank of Egypt began launching the country’s first digital bank while awaiting the Central Bank of Egypt’s regulatory frameworks in order to do so at the start of the following year.
According to him, both online banks and digital banks provide the same services to customers via digital channels, but there is a difference between them in terms of infrastructure. Online banks provide the same services as traditional banks through their online counterparts, whereas digital banks are primarily focused on advancing the objectives of the green economy, helping Harge achieve financial inclusion.
He continued by saying that the new digital banks will operate under the supervision of the Central Bank of Egypt, which will aid in achieving the highest level of security and privacy. He also said that customers’ missions will be made easier by digital banks, and this is the idea behind digital banks’ intention to compete with major international platforms.
Al-Buhairi: With the onset of the global financial crisis in 2012, digital banks started to emerge.
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