Industry Consortium Wants To Strengthen The Fintech Ecosystem In Egypt

Industry Consortium Wants To Strengthen The Fintech Ecosystem In Egypt

The Venture lab at The American University in Cairo, and university-based startup accelerator in Africa and the MENA region, Temenos, banking software company, and CIB, Egypt’s largest private sector bank, have come together to announce a collaboration to strengthen the fintech ecosystem in Cairo.

Building on their individual partnerships, the three organizations welcome the joint venture which will include activities such as creating awareness of opportunities surrounding Fintech in Egypt, encouraging entrepreneurs to start new Fintech enterprises, and supporting Fintech startups as they develop, pilot and launch their products and services.

This alliance was cemented at a joint “Meet the Marketplace” event which took place at the American University of Cairo on 23 October. The event gave global fintechs who are existing members of Temenos Marketplace the opportunity to showcase and demo their solutions to a number of Egyptian financial institutions. These fintechs demonstrated solutions which can cater to opportunities and challenges relevant to the Egyptian market such as financial inclusion and literacy, digital engagement, security, risk and compliance.

The event also saw Temenos sharing the results of their recent “The State of Fintech” report for the first time in the region, giving Egyptian bankers early insight.  Commenting on these insights at the “Meet the MarketPlace event” were Dr. Ayman Ismail, Founder and Director of AUC Venture Lab, Hany Soliman, Head of Innovation Lab at CIB and a senior representative from CBE.

The panel collectively provided views representing fintech, the financial institutions and regulators, bringing all players in the ecosystem in an exciting discussion over recent market trends.


Featured image credit: Edited from Unsplash