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Standard Chartered starts full-fledged banking operations in Egypt

Wednesday 31 January 2024 14:50 CET | News

UK-based lender Standard Chartered Bank has expanded in the MENA region with the launch of its full-fledged banking operations in Egypt.

 

UK-based lender Standard Chartered Bank has expanded in the MENA region with the launch of its full-fledged banking operations in Egypt.

After obtaining final approval from the Central Bank of Egypt (CBE), the Standard Chartered Bank opened the doors to its first branch in Cairo, Egypt, solidifying its presence in the region.

The new branch will provide banking services to sovereign and government entities, major corporations, financial institutions, and multinational companies operating in Egypt.

Executives from Standard Chartered said they have solidified their presence in the region. Their launch in Egypt is testament to the country’s strategic importance, its resilience, the potential of its diversified economy, and its strong growth prospects. Additionally, with the country being a new member of the BRICS group, it carries substantial economic significance and a strategic position, making it an attractive destination for international investors seeking a dynamic market with diverse potential.

Previous news from Standard Chartered Bank

In December 2023, Standard Chartered has initiated exchange services for China's digital yuan (e-CNY), becoming one of the first foreign companies to join the CBDC's business pilot. Collaborating with City Bank Clearing Services, the bank's China division offers customers access to the digital yuan's interconnection platform, enabling recharge and redemption services. 

China's digital yuan, with a transaction volume of 1.8 trillion yuan (USD 250 billion) as of June 2023, is among the most advanced CBDCs globally. Standard Chartered joined a limited number of banks facilitating transactions with China's digital yuan, following in the footsteps of BNP Paribas in May 2023.

In November 2023, Visa and Standard Chartered have formed a regional partnership to offer instalment payment options to credit cardholders in the Asia Pacific (APAC) region using Visa Instalment Solution. This collaboration allows Standard Chartered and Visa credit cardholders to utilise Buy Now, Pay Later (BNPL) options, starting in Malaysia and expanding to Singapore in 2024.

Visa Instalment Solution enables existing credit lines to be converted into BNPL options at checkouts, enhancing flexibility and convenience for cardholders. The partnership addresses the growing demand for BNPL options in the APAC region and aims to influence consumer purchasing decisions and increase transactions at the point of sale.


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Keywords: expansion, banking, lending, banking license
Categories: Banking & Fintech
Companies: Standard Chartered Bank
Countries: Egypt
This article is part of category

Banking & Fintech

Standard Chartered Bank

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