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Just to add to this discussion. In the next 2 days there'll be a huge fintech festival held in Nairobi between the Central bank of Kenya and Monetary Authority of Singapore. At the moment, China is using MAS and UAE as their clearing houses for their belt and road plans. 

China is making huge in-roads across Africa with aggressive investment policies. They are building major ports, railways and superhighways in preparation for Africa's Free Trade Agreement Area.

Africa will need interoperable cross border payments across services, countries and continents and a connection needs to be built to said clearing houses. Africa is dominated by mobile money and that is a game for innovative solutions like Mojaloop. The world demands an alternative to SWIFT and its slowly taking shape now. 

https://www.afroasiafintech.net/festival-speakers.php
http://www.xinhuanet.com/english/2018-07/19/c_137335521.htm
https://www.gbm.hsbc.com/insights/growth/china-belt-and-road-financing-plugs-infrastructure-gap
https://www.americanexpress.com/us/foreign-exchange/articles/china-belt-road-initiative-internalization-yuan/

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That recent MAS and Kenya fintech event produced some interesting results:

 "Dubbed the “FinTech in the Savannah”, the inaugural Afro-Asia FinTech Festival saw Kenyan companies and Singaporean companies announce a suite of FinTech and technology solutions that were jointly developed with their counterparts. The solutions include a digital micro pension marketplace, a cattle insurance solution, a credit scoring solution, and an agreement to build a payments gateway between the two regions."

Kenya is a gateway into Africa from the East. This is China's Belt and Road again going through MAS into Africa. 

https://www.mas.gov.sg/news/media-releases/2019/singapore-and-kenya-establish-fintech-cooperation-at-inaugural-afro-asia-fintech-festival

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On 7/1/2019 at 12:25 PM, WrathofKahneman said:

[6] Finally, consider that Egypt's Suez Canal Economic Zone, has deep ties with Russia.  Russia is building a huge economic zone in this trade/port center for Russian manufacturing and trade with Africa, Middle East and Europe.  Putin claimed $7billion will be invested.  At the same time, with so much trade finance at stake, both the EU and Russia are investigating alternatives to SWIFT to avoid US financial control.   [https://www.rt.com/business/452047-russia-industrial-zone-egypt ] [https://uk.reuters.com/article/russia-banks-swift/russia-backs-global-use-of-its-alternative-swift-system-idUKL8N2163BU]  [https://english.mubasher.info/news/3333401/EU-starts-SWIFT-alternative-money-transfer-system

I stumbled across this notice from SBI today, seems interesting...

Notice Regarding Conclusion of Basic Agreement on the Support for Business Expansion of Round One Ltd. in Russia

http://www.sbigroup.co.jp/english/news/pdf/2019/0611_a_en.pdf

June 11, 2019 SBI Holdings, Inc.

"Starting by the business expansion support for Round One in Russia, in order to assist the development of Japanese companies in Russia, the SBI Group established a new kind of overseas expansion support by combining “finance and real estate” in cooperation with the RedStone Group. And by doing so, the SBI Group endeavors to contribute to the further development of the economy and finance of both countries, by playing the role of a bridge between two countries."

 

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Posted (edited)

An update: An unnamed official told the state news agency, MENA, that the proposed banking act, to be introduced as of May to the House of Representatives:

  • Gives the CBE regulatory power over the use of cryptocurrency in Egypt
  • Will create a fintech sandbox
  • Companies looking to establish digital currency and cryptocurrency platforms will be required to obtain licenses 

This is a step forward given banks are forbidden from using crypto/digital assets currently.

https://www.alborsaanews.com/2019/05/28/1208675

For reference, Cointelegraph produced a great infographic about Egypt's crypto positions.

407150415_Cointelegraphegype.thumb.png.d040e57ded829ae98d1acf929516cadf.png

 

Also worth noting, Egypt has recently signed an MOU with Dubai regarding financial oversight/regulation/crime.  They have had a close relationship for a while, of course and I probably don't need to tell you Ripple has offices in Dubai, which while tantalizing, is not the point. 

http://www.mondovisione.com/media-and-resources/news/dubai-financial-services-authority-signs-mou-with-the-central-bank-of-egypt/

 

Finally, Ripple partner remittance firms MoneyGram and dLocal both service Egyptian corridors, though there is no indication of Ripple use there.

https://nilsonreport.com/upload/issues/1137_7722.pdf

http://moneygram.eg/en

 

 

Edited by WrathofKahneman

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