The Central Bank of Egypt has gone on to sign an appendix to the MoU with its Jordanian counterpart. Apparently, the MoU pertains to the banking supervision field between the two parties, which has existed since 2004. The new supplement happens to be in the areas related to the supervision of electronic payment systems as well as services and financial technology activities that happen to be within the framework of the noteworthy relations that exist between Egypt and Jordan so as to reinforce cooperation as well as discover novel horizons.
This step implies one of the benefits of collaboration between the Arab countries when it comes to the areas of payment systems, services, and fintech, which were achieved after an impactful development of financial infrastructure that was witnessed across Egypt and Jordan. This also goes on to reflect the efforts of the Central Bank of Egypt so as to promote the transition towards a society that is less dependent on bank notes and is within the national strategy of the National Council for Payments framework that is headed by the President of Egypt himself.
The agreement looks to elevate the joint coordination between Egypt and Jordan when it comes to all elements related to electronic payment systems as well as services and also their supervision, which includes digital payments, mobile phone payments, regulatory and supervisory technology, and also interconnection between the two countries like instant payment systems, settlement systems that are real-time, and national payment card acceptance structures.
This agreement also looks to elevate the collaboration in the areas related to finance technology by way of exchanging data as well as expertise that’s related to topics of regulatory and supervisory technology, alternative financing, open banking operations, and also related services and activities of the fintech corporations. The inked deal offers proper and safe means when it comes to electronic money transfers between both countries and helps create a pathway for both Egyptian and Jordanian companies to work across both markets and aid in facilitating transfers of Egyptians who happen to be working in Jordan to their families as well as relatives in Egypt.
It is well to be noted that the Central Bank of Egypt and Jordan are looking to take utmost advantage of this by supporting the joint efforts between the two countries, besides enhancing areas of joint application when it comes to the usage of modern financial technology as well as innovations.