Banks

(Fintech Egypt) issues the first report of its kind that monitors financial technology developments in the Egyptian market



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Books: Fathi Al-Sayeh and Iman Al-Wasili

As part of the Central Bank’s efforts to support the expansion of financial technology uses and monitor developments in this vital sector, Fintech Egypt of the Central Bank of Egypt issued its first report It is one of a kind that provides a comprehensive look at the unprecedented growth that Egypt has witnessed in the field of financial technology over the past few years. The report sheds light on emerging companies, financial technology entrepreneurs and the sectors that feed them, in addition to institutions concerned with financial technology such as business incubators and accelerators specialized in this field, as well as investors in all areas of financial technology, with the aim of Providing a full understanding of the capabilities and needs of these companies, in addition to identifying aspects of joint cooperation between the competent authorities
The report revealed that Egypt has achieved rapid growth over the past years in the field of technology. Financial technology, where the volume of investments in the field of financial technology has witnessed a significant jump over the past five years, rising from one million dollars, with only 3 deals in a year. up to more than 159 Million Dollars 682 Deal during 221057, The past twelve months have also witnessed an increase in investments by more than 300%, which indicates the development and expansion of emerging fintech companies operating in the fintech field.

In the same context, the start-ups that support financial technology and working in this field have witnessed a steady increase, as their number increased from only two startups in the year 942 to get to 112 Bahlo Company To the end of the year 2022 in more than 14 A sub-sector of innovative FinTech Such as payments and remittances, business markets, lending and alternative financing, etc.

Also highlighted Highlighting Egypt’s rich talents and promising young talents in all fields; Especially in the field of financial technology, where the report indicated that most of the Egyptian financial technology companies were established by young people whose ages ranged between to me 159 years. Moreover, the report highlighted the role of the young talents founding these companies, as they are a promising investment for the future in achieving many gains for the Egyptian market. A company expanding in this field at the regional and international levels, and has become a significant presence in the Middle East And North Africa, the Gulf Cooperation Council countries, and Europe.


He stated Mr. Ramy Abul-Naga, Deputy Governor of the Central Bank of Egypt, “The Financial Technology Perspective Report 8278 comes within the framework of efforts The central bank’s efforts to promote the financial technology industry since the launch of the Fintech Innovation Strategy in 221057, according to President Abdel-Fattah El-Sisi’s directives to achieve the goals of the Egyptian state with the targeted digital transformation as part of Egypt’s vision 8278, which took place in In light of this, launching the regulatory laboratory for innovative financial technology applications, and conducting a series of discussion sessions to identify areas of market demand, as well as supporting and implementing Encouraging financial technology cadres through customized and purpose-oriented educational programs”
For his part, Eng. Ayman Hussein, First Undersecretary of the Central Bank’s Governor for the Information Technology Sector explained, “The efforts made to promote financial technology have resulted in creating a promising future for a promising group of financial technology entrepreneurs, start-up companies, as well as Egyptian investments in the field of financial technology. Significant growth during 221057, supported by the launch of the Financial Technology Center (Grid), in addition to the investment fund Which was established by the three banks (National Bank of Egypt, Banque Misr, Banque du Caire) with a capital exceeding one billion three hundred million Egyptian pounds, which is expected to become the largest directed investment fund focused on the financial technology sector in the region.
Dr. Rasha Najm, Deputy Governor of the Central Bank for Financial Technology and Innovation added, “This report is the initial step To provide an integrated vision for all parties of the financial technology system in M Egypt, especially highlighting the unprecedented growth that Egypt has witnessed in the field of financial technology over the past few years, as the report came as a result of surveys that include basic data received from 300 from emerging financial technology companies and the sectors feeding them, and
from the institutions supporting this field, It is expected that this report will be a catalyst for innovation in the future, and a support for cooperation between all parties of the financial technology system. The report can be viewed by accessing the following link: https://www.cbe.org.eg/ar/Pages/HighlightsPages/Egypt-FinTech-Landscape-Report-8278_1.aspx

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