Arab News, 16 February 2022: Egypt’s President has approved a new FinTech Law.
Under the Law, the country’s Financial Regulatory Authority is now the sole licensor and regulator of companies in this field.
The Law will also regulate various digital financial solutions, including robo-advisory, nano-finance, insurtech and tech-enabled consumer finance.
The President also approved the Unified Budget Act. This makes it mandatory for the Government to be more transparent on public finances.
Under the Law, the Government will also have to present annual medium-term budgets and tax strategies to the House of Representatives and set spending limits for each Ministry.
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