1、FinTech Regulation in theWith the support of:Please cite this study as CCAF(2021)FinTech Regulation in the Middle East and North Africa,Cambridge Centre for Alternative Finance at the University of Cambridge,Judge Business School,CambridgeThis study was funded by the UK Foreign,Commonwealth and Deve

2、lopment Office(FCDO)through the Cambridge Alternative Finance Collaboration Network(CAFCN)Programme.It is implemented by the Cambridge Centre for Alternative Finance(CCAF)at the University of Cambridge Judge Business School.Table of ContentsForewords.5Research Team.7Acronyms.8Glossary.91.Executive S

3、ummary.122.Introduction.17FinTech in the MENA region.17The impact of COVID-19.183.Literature review and methodology.21Literature review:Variation in regulatory approaches.21Literature review:The regulatory challenges.23Literature review:Islamic finance.24Methodology.264.Regulatory approach in specif

4、ic verticals.29Digital payments.29International remittances.32P2P lending.33Equity crowdfunding.355.Cross-sectional themes.38Data protection.38Cybersecurity.39Open banking.40Anti-money laundering(AML)and electronic-know your customer(e-KYC).456.Regulatory innovation initiatives in MENA.49Innovation

5、offices in MENA.49Regulatory sandboxes in MENA.50RegTech and SupTech initiatives in MENA.507.Identifying gaps and understanding challenges in MENA.53The existence of regulatory frameworks and regulatory innovation initiatives is uneven.53Frameworks and the FinTech market.55Challenges and factors imp

6、acting regulatory response to FinTech.56Measures taken by regulators in response to COVID-19.598.Concluding remarks and future research.619.The regulatory approach to FinTech in Egypt.63FinTech related regulatory developments.64Regulatory innovation initiatives.64Financial inclusion,payments,and mob