In brief The Cairo Regional Centre for International Commercial Arbitration (CRCICA) recently published its new CRCICA Arbitration Rules, which have entered into force with effect from 15 January 2024 (“2024 CRCICA Rules”). The CRCICA Arbitration Rules were last updated in 2011 and have now been revised to meet the needs of the evolving arbitration landscape in the MENA region, as well as internationally. The 2024 CRCICA Rules, which remain based on the UNCITRAL Arbitration Rules…
In brief This is some guardedly good news for foreign investors operating in Egypt who are interested in establishing vehicles to import commodities for direct trading on the domestic market in Egypt (i.e., importation for trading). A company can now be majority or wholly-owned by foreign nationals or foreign entities and apply for the importation license for commercial resale. However, the importation license will only be granted for 10 years with a possible renewal for…
In brief The Central Bank of Egypt (CBE) recently published regulations setting out the licensing and regulatory framework for digital banks in Egypt (“Digital Bank Regulations”) which came into force on 12 July 2023. The Digital Bank Regulations will effectively allow for the establishment and operation of digital banks in Egypt, thus taking a significant step in aligning the country with global trends in financial technology and catering for the needs of the growing Egyptian…
In brief The Financial Regulatory Authority (FRA) recently issued Decrees No. 139, 140 and 141 (“Decrees”) completing and complementing the Financial Technology (Fintech) Law No. 5 of 2022 (“Fintech Law”) which sets out the framework for the development and use of Fintech in non-banking financial services (NBFS). The Decrees, which came into force on 11 July 2023, come as part of the FRA’s continuing efforts to transition the Egyptian financial markets towards digitization by encouraging…
In brief The Central Bank of Egypt (CBE) recently published regulations pertaining to payment cards tokenization on electronic device applications (“Tokenization Regulations”) which came into force on 8 March 2023. The Tokenization Regulations will effectively allow for contactless payments through mobile applications including some operated by major mobile payment service providers. The said regulations impose regulatory and licensing requirements on banks and non-bank parties participating in the provision of tokenization services for payment cards. Key…