CBE strengthens cooperation with Jordan in e-payment, fintech

Hossam Mounir
3 Min Read

The Central Bank of Egypt (CBE) signed an appendix to the Memorandum of Understanding (MoU) with its Jordanian counterpart. The MoU is related to the field of banking supervision, between the two parties since 2004. The new appendix is in the areas of supervision of electronic payment systems and services and financial technology activities, within the framework of the distinguished relations between Egypt and Jordan, to reinforce cooperation and explore new horizons.

This step represents one of the fruits of cooperation with Arab countries in the areas of payment systems and services and financial technology, which were achieved after the great development of the financial infrastructure in Egypt and Jordan. This also reflects the efforts of CBE to promote the transition to a society less dependent on banknotes, within the framework of the national strategy of the National Council for Payments headed by President Abdel Fattah Al-Sisi.

The MoU was signed by Gamal Negm, Deputy Governor of CBE, and Khaldoun Al-Wishah, Deputy Governor of the Central Bank of Jordan, at the headquarters of CBE in Cairo, in the presence of the leaders of CBE and Jordan.

The agreement aims to enhance joint coordination between the two countries with regard to all aspects related to electronic payment systems and services and their supervision, including mobile phone payments, digital payments and related regulatory and supervisory technology, in addition to the interconnection between payment services and systems in both countries, such as the instant payment system, real-time total settlement system, and national payment card acceptance systems.

The agreement also aims to enhance cooperation in the areas of financial technology through the exchange of information and expertise related to the topics of the regulatory laboratory, alternative financing, open banking operations, digital banks, and regulatory and supervisory technology related to the activities and services of financial technology companies.

The agreement also provides safe and proper means for electronic money transfers between the two countries, and paves the way for Egyptian and Jordanian organizations to work in both markets, and helps facilitate transfers of Egyptians working in Jordan to their families and relatives in Egypt.

CBE and Jordan look forward to reaping the fruits of this work soon by supporting joint efforts between the two sides to create a safe and efficient system for electronic payments in both countries, in addition to enhancing areas of joint application towards the use of modern financial technologies and innovations.

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