T-1 Until E-finance’s First Day of Trading🔔

What’s Clapping Today👏: T-1 until E-finance’s first day of trading. Over E-Finance? Meet E-Health. House of Representatives approves fintech bill for NBFS. Minister of Agriculture & EGX Chairman discuss EMX strategies. And Uber & Careem face a $100 million tax bill.

Local Pickup🌇

Over E-Finance? Meet E-Health👩‍⚕️

E-finance & Egypt’s Universal Health Insurance Authority have launched E-Health, a company for the development, management, and operation of health technology and digital solutions.

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Who is affected🤷: The company will manage & operate the technology system for the new inclusive health insurance system. The initiative is sponsored by the state & aims to provide the finest health services to all Egyptians.

Why is this important🤔: As for healthcare organizations & the sector in general, E-health will provide management services & solutions, technical support through call centers, as well as integration services with hospitals, pharmacies & private clinics.

House of Representatives Approves Fintech Bill for NBFS🏦

The House Communications Committee approved a bill to regulate & develop the use of financial technology (Fintech) in non-banking financial activities (NBFS).

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Who is affected🤷‍♀️: The law aims to expand the base of beneficiaries of NBFS, raise their efficiency, & reduce the related costs from those activities & services.

Why is this important🤔: The law aims to promote financial inclusion by granting the FRA the power to license & regulate NBFS businesses & fintech startups. The FRA’s supervision over the fintech space ensures that companies adhere to transparency &  governance standards, as well as protecting consumer rights.

Minister of Agriculture & EGX Chairman Discuss EMX Strategies🐔

Minister of Agriculture and Land Reclamation, Al Qusayer, met with Dr. Mohamed Farid, Chairman of the EGX & Vice Chairman of the Board of Directors of the Mercantile Exchange (EMX), to discuss cooperation plans for the EMX.

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More details🧐: The meeting discussed means of developing the trading mechanisms of strategic commodities in an orderly manner. It is expected that poultry & eggs will be among the first commodities to start trading on the EMX during Q1-2022.

Why is this important🤔: Listing of poultry & eggs on the EMX is expected to achieve transparency in the pricing process through trading & price discovery. Government initiatives aim to provide healthy, safe, sustainable & affordable food, & the launch of the EMX is a step in that direction. 

More Headlines📰

  • Eastern Company (EAST) Studies Manufacturing Reduced-risk Smoking Products 
  • Aspire Capital (ASPI) to Set Up EGP 30 Million Microfinance Firm
  • EGX Announces Prophet Muhammad’s Birthday Holiday on Thursday, 21st of October
  • Speed Medical (SPMD) Signs COVID-19 Drive-thru Testing Contract
  • Palm Hills’ (PHDC) Board Approves EGP 1.1 Billion Securitization Issuance
  • Emerald Developments (EMDE) Share Surges 23% on First Day of Trading

Global Pickup🌎

Uber & Careem Face $100 Million Tax Bill📜

Uber and Careem face a combined tax bill worth around $100 million as Saudi Arabia slaps several technology firms with tax bills worth tens of millions of dollars.

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But, why🤷: According to Bloomberg, “the claims are related to a dispute over how to calculate the value-added tax owed over the past few years by gig economy firms versus their individual contractors — and include hefty penalties for late payment.” 

Why is this important🤔: The unexpected costs could turn away investors at a time when the kingdom is trying to attract multinational firms & boost foreign investment.

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