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On Monday, 17 February 2025, the Cairo Regional Centre for International Commercial Arbitration (CRCICA) in partnership with the School of Oriental and African Studies (SOAS) Arbitration and Dispute Resolution Centre (SADRC), hosted a one-day, in-person event on ‘The Future of Finance: Legal Innovation and Arbitration in a Digital World – Opportunities and Challenges in the FinTech Era’. This was the first event of its kind in Egypt, offering a unique platform to explore the current practice and evolving role of legal and technological innovation in the delivery of digital banking and finance products and services in Egypt, Africa, and the MENA region, as well as the use of arbitration for digital disputes. Written by Dr. Amel Makhlouf, Independent Counsel & Arbitrator (Paris/London), Managing Committee Member of SADRC and Advisory Committee Member of CRCICA.

The conference started with welcome remarks delivered by Dr. Ismail Selim, Director of CRCICA, who outlined CRCICA's arbitration rules as the ideal framework for resolving FinTech-related disputes, and Prof. Steven Finizio, Deputy Director of the SADRC, who explained the mission of the SADRC as a research and knowledge exchange centre within the School of Law at SOAS University of London.

The keynote address was delivered by Mr. Ahmed Monir, Head of Regulatory Sandbox at the Central Bank of Egypt (CBE), on the topic ‘How Regulatory Sandboxes are Shaping the Future of Financial Services and Fostering Innovation: Perspective on Egypt’s Emergence as a Regional FinTech Hub.’

Mr. Monir highlighted the critical role of regulatory sandboxes in enabling businesses to develop and test innovative products and services under a regulator’s supervision in a controlled environment. He discussed how Egypt's regulatory framework supports FinTech start-ups by fostering experimentation while ensuring regulatory compliance. The keynote also underscored Egypt’s growing position as a regional FinTech hub, emphasising collaborative efforts between regulators, financial institutions, and technology firms to drive digital transformation in the financial sector.

The event consisted of three expert panels. The first panel, moderated by Mr. Hazim A. Rizkana, included legal experts in digital law and international disputes: Dr. Amel Makhlouf, Dr. Hedayet Heikal, and Dr. Amr Abbas. It began with a definition of FinTech and an overview of its evolution in the global economy. The discussion then covered its benefits and impact, before examining the types of disputes that arise in this field. The panel also provided an overview of FinTech regulation in Egypt, typical contractual arrangements at a high level, and the role of arbitration in resolving such disputes.

The second panel, moderated by Dr. Khaled Attia, led to broader discussions on regional challenges and opportunities, featuring key FinTech actors in the Egyptian market, including Mr. Antony Sohby (Trevi) and Mr. Mohamed El-Shabrawy El-Feky (Sympl). During this panel, Eng. Sherif Yehia Abdelghany highlighted the role of the Financial Regulatory Authority (FRA) in information technology and digital transformation to support the development of FinTech companies in the Egyptian economy. Meanwhile, Mr. Sam Dahroug shared his expertise and insights on key trends and potential challenges in the Egyptian banking and non-banking financial sectors. Following this, Ms. Dina Hashish provided the audience with an insightful overview of microfinance in Egypt and highlighted useful technological innovations in the field.

The third panel, moderated by Mr. Adam Shalakany, explored the future outlook for the FinTech industry. Dr. Jonathan Ercanbrack (Senior lecturer and Director of the Centre of Islamic and Middle Eastern Law (CIMEL) at SOAS) discussed the role of smart contracts in the FinTech era, while Mr. Hossam Gramon examined the current landscape and future prospects for the delivery of sharī‘ah-compliant products and services by FinTech companies in Africa and the MENA region. Expanding on this, Mr. Gamal Abou Ali provided a comprehensive analysis of the current and potential applications of artificial intelligence in the banking, non-banking, and financial sectors in the coming years.

Dr. Ismail Selim concluded the panel, highlighting that the latest version of 2024 CRCICA’s arbitration rules offers mechanisms well-suited to the sector, including online arbitration filing, remote hearings, consolidation of arbitrations, early dismissal of claims, emergency arbitrator provisions, and expedited arbitration rules. These tools will be instrumental in resolving disputes efficiently in this fast-moving industry. Moreover, these rules are perfectly suited for banking and non-banking disputes, as well as any kind of digital dispute, using, among others, artificial intelligence and blockchain.

Closing remarks were delivered by Dr. Ismail Selim and Dr. Amel Makhlouf, who emphasised that FinTech is no longer just an emerging sector; it is a driving force in reshaping financial services. While FinTech has existed in Egypt for some time, recent regulatory initiatives by the CBE and the FRA have formally recognised its impact as a transformative and disruptive force in financial technology. It was highlighted that payment services in Egypt may now be provided by both banking and non-banking entities.

In 2020, the COVID-19 pandemic accelerated the shift to a digital economy, leading to the launch of InstaPay in 2022, the first Payment Service Provider (PSP) application licensed by the CBE to operate over the Instant Payment Network (IPN). This innovation enables instant transfers between banks, twenty-four hours a day, seven days a week. In accordance with Egypt’s Vision 2030, the country aims to promote financial inclusion, foster education in financial technology to keep pace with digital transformation and technological advancements, and support young talent. These advancements have positioned Egypt’s FinTech landscape for continuous growth, making the country an attractive destination for both foreign and local investments in the FinTech industry.

Looking ahead, we are eager to witness the future evolution of Egypt’s digital economy, particularly as the CBE is considering issuing its own central bank digital currency (CBDC) by 2030.

FinTech is not just about technology — it is about transforming economies, empowering individuals and businesses, and shaping the future of finance. Egypt has taken bold steps, and with continued efforts, it is well-positioned to become a leading FinTech powerhouse. The best is yet to come!