The Central Bank of Egypt said that the three banks, “National Bank of Egypt, Banque Misr and Banque Du Caire”, intend to launch a fund to support the capital of emerging financial technology companies in October 2021, with a minimum capital of LE 1 billion, with the possibility of any banks or other financial institutions wishing to participate.

The CBE explained in a statement that this comes in line with the extensive studies carried out by the relevant Central Bank sectors, and the banks’ participation in this fund comes out of 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 will help 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.

The fund also aims to create the appropriate environment to attract and nurture talent, localize them in the Egyptian market and work to enable more innovative financial technology applications capable of providing and delivering banking and financial services to all segments of society more easily and at less cost, as an important step to transform Egypt into a regional center for the financial technology industry in the Arab world and Africa.

This comes in implementation of President Abdel Fattah El-Sisi’s directives 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 in the Arab region and the African continent in the various financial technology sectors, especially digital banking and financial services, which has become one of the most important sciences and developments of the present and the future.

Source: State Information Service Egypt