Bank aims to support startups to develop systems, technology solutions in field of financial innovation, expanding customer base, speeding up pace of financial inclusion: Farag
The Commercial International Bank (CIB) graduated the third batch of business incubators in the field of financial technology, in cooperation with the American University in Cairo (AUC).
The business incubator in the field of financial technology offers specialized support through a 12-week programme for start-ups in the field under the umbrella of AUC Venture Lab and CIB.
The third batch of the programme included five emerging companies. They are LiQWD, an e-wallet that enables users to recharge products, “Al Gam’eya” a mobile phone application used to manage and regulate saving and credit, “Swift Card”, which offers a model of e-trade in Egypt through selling pre-paid cards at several outlets.
“Haweshly” (Save for me) provides an application for small savings that targets young generations that have not reached the age to register for services in the banking sector, in addition to “Elm” (education) which supports families that struggle to provide their children with education by offering them small loans.
According to Mohammed Farag, the executive head of e-banking and head of the department of banking transactions at CIB, the bank will continue to offer all kinds of support to startups in the field of financial technology.
He added that the bank aims to support startups to develop their systems and technological solutions in the field and speed up the pace of financial inclusion spreading.
AUC announced in July its cooperation with CIB to support entrepreneurship in Egypt through launching an incubator for financial technology, under the umbrella of AUC Venture Lab.