Digital banking expands in Egypt and Indonesia

In Egypt, Commercial International Bank (CIB) has received preliminary approval from the Central Bank of Egypt to establish yomo, a digital banking platform. The initiative aims to provide more accessible and intuitive financial management for millions of Egyptians, targeting mass consumers and small-to-micro businesses. This move aligns with Egypt’s 2023 digital banking framework and is part of CIB’s five-year strategic plan.

In Indonesia, Bank Indonesia (BI) is promoting the use of QRIS and other digital payment systems among micro, small, and medium enterprises (MSMEs). The goal is to improve financial record-keeping, which currently acts as a barrier to credit access. To support this, BI will implement a 0 percent merchant discount rate (MDR) for QRIS transactions up to Rp100,000 starting in October 2026.

Additionally, Bank Rakyat Indonesia (BRI) has launched an updated interface for its Qlola digital banking platform to enhance business ecosystem integration. Meanwhile, Bank INA has partnered with Indodax to integrate digital asset services with traditional banking through co-branded cards and digital savings accounts.