The National Bank of Egypt, Banque Misr, and Banque du Caire, intend to launch a fund to support emerging financial technology companies in October 2021, with a minimum capital of EGP 1bn, with the possibility of adding other banks or financial institutions.
The banks’ participation in this fund stems from their belief in the importance of keeping pace with global developments in the field of financial technology, which is the future of the banking and financial industry in Egypt and the world.
The establishment of the fund aims to nurture young talents as they are a promising investment for the future and capable of achieving many gains for the Egyptian market, given what Egypt possesses of distinguished young cadres in various fields, foremost of which is financial technology. It also aims to create the appropriate environment to provide innovative applications in this field, which helps to raise the rates of financial inclusion and achieve the goals of the Egyptian state through targeted digital transformation as part of Egypt’s Vision 2030, and with an ambitious vision to become the largest fund at the regional level in the field of financial technology.
The fund will direct investments to emerging financial technology companies, whether these companies are local or international, intending to launch their business in the Egyptian market. It also aims to prepare the right environment to attract and sponsor talents in Egypt and enable more fintech applications to reach all segments of society more easily and at less cost, as an important step to transform Egypt into a regional centre for the Arab and African financial technology industry.
The Central Bank of Egypt said, in a statement, that sponsoring young talents is a promising investment for the future that enhances the ambition to transform into a regional centre for Arab and African financial technology.
It pointed out that the distinguished investment and practical experiences of the three banks contribute to the success of the Fund and the achievement of the objectives of financial inclusion and digital transformation in implementation of the directives of President Abdel Fattah Al-Sisi to support young innovators in the financial technology sectors, and the technological sectors that feed them, in order to build an advanced Egyptian technological base capable of achieving Egypt’s leadership at the level of the Arab region and the African continent in the various financial technology sectors, especially digital banking and financial services, which have become one of the most important sciences and developments of the present and the future.