Orascom Financial Holding (OFH) has commenced the initial studies to secure a digital banking licence in Egypt.

No decision has been taken on the business partners or funding sources, the company confirmed in a statement to The Egyptian Exchange on Monday.

Any new information will be disclosed duly, it added.

The main shareholder in OFH is OTMT Acquisition company, which was established in Luxembourg by the Sawiris family.

In July, the Central Bank of Egypt (CBE) introduced new rules for licensing and registering digital banks.

Each digital bank must submit a detailed feasibility study, which identifies the target segments and the products to be made available.

The move aligns with global developments in the financial technology industry and meets the customers' needs in Egypt.

According to a bourse filing in June, The Sawiris family's OFH received an acquisition offer for up to 90% of its shares by investment management firm B Investments.

(Edited by Seban Scaria seban.scaria@lseg.com)