Fawry eyes obtaining digital bank license in 2023
Updated 7/17/2023 11:36:00 AM
Arab Finance: Fawry for Banking Technology and Electronic Payment (FWRY) is considering submitting a request to the concerned authorities to obtain a license for establishing a digital bank in Egypt, Fawry’s Founder and CEO Ashraf Sabry said in an interview with Asharq Business.
He noted that the final decision in this regard will be made this year.
Moreover, Sabry said that the company seeks to obtain the license without involving a foreign partner with experience in the banking sector.
Fawry has no issues in terms of financing the digital bank, he added, ruling out the possibility of increasing the company’s capital in the meantime.
Additionally, Fawry is eyeing expansion in several countries, including Saudi Arabia, Sabry noted.
The company will make a final decision on the expansion plan this year to pave the way for starting the expansion process by 2024, he pointed out.
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