This fund is able to manage investments for the appearing financial technology companies.
The Central Bank of Egypt announced that there are three banks in Egypt such as National Bank of Egypt, Banque Misr and Banque Du Caire which their goal is to launch a fund for supporting the capital of appearing financial technology companies. The goal of establishing this fund is to raise young talents because they can be a hopeful investment for the future.
Egypt has a goal for launching fund with LE1B capital in order to support financial technology
CAIRO – 27 September 2021: The Central Bank of Egypt announced that there are three banks in Egypt such as National Bank of Egypt, Banque Misr and Banque Du Caire which their goal is to launch a fund for supporting the capital of appearing financial technology companies in October 2021, by investing a minimum capital of LE 1 billion, and also allow other banks or financial institutions to participate.
The CBE illustrated in a statement that it matches with the wide studies that were performed by the sectors of relevant Central Bank, and the banks’ involvement in this fund is because they believe that keeping pace with global expansions in the field of financial technology transfer is very significant and also is able to guarantee the future of the banking and financial industry in Egypt and in the universe.
The goal of establishing this fund is to raise young talents because they can be a hopeful investment and innovation for the future and due to the young cadres in Egypt in different fields, and the most important of them is financial technology, they are able to gain many achievements for the Egyptian market.
Another goal for establishing this fund is also to make the suitable environment for creating innovative applications in this field, which will support to increase the rates of financial coverage and gain the aims of the government of Egypt by the targeted digital changes as a part of Egypt’s perspective 2030 and with an ambitious view for changing to the biggest fund in the field of financial technology in all parts of the region.
What are the benefits of launching the fund for financial technology?
This fund is able to manage investments for the appearing financial technology companies, whether these are local or international companies whose goals are to launch their business in the Egyptian market.
The goal of this fund is to make a suitable environment for attracting and raising the talents, territorialize them in the Egyptian market and try to create more innovative financial technology applications which be able to provide banking and financial services for all parts of the community easily and with the lower cost, as a significant performance to change Egypt to the regional center for the financial technology industry in the Arabian and African world.
This follows to run the directives of the president Abdel Fattah El-Sisi, for helping the young innovators in the different parts of financial technology and the technological sectors which are able to feed them, in order to create a developed Egyptian technological foundation which is able to attain the leadership of Egypt in the region of Arabs and the continent of Africa in the different parts of financial technology, particularly digital banking and financial services, which is changing to the most significant sciences and also to the expansions of the present and the future.
