28 Sep 2021

A number of Egyptian state-owned banks will launch a fund focused on investing in fintech (financial technology) startups with a minimum capital of EGP1bn. The move is aimed at supporting and growing the local nascent and promising industry, as well as contributing to further financial inclusion and digitalization. The scope of the fund will include investing in both local startups in the fintech field as well as international firms that want to set up operations in Egypt. The fund will also work on facilitating financial services by supporting further applications of fintech.

The government’s wider goal is to transform Egypt into a regional hub in the fintech industry. Egypt is already a leader in the field in the MENA region, and recent legislation and policy changes are contributing further to bolstering this regional status. Some of the aspects addressed recently by the government include licensing for fintech, e-payments, crowdfunding, nanofinance, and insurtech firms.

(Source: CBE (1) (2), State Information Service (English), Daily News Egypt (English), National Council for Media, al-Maal, Mubasher, Amwal al-Ghad, al-Borsa, al-Ahram, Akhbar al-Youm, al-Youm al-Saabe, Hapi Journal, al-Arabiya)