(Ecofin Agency) – The Central Bank of Egypt (CBE) has decided to set up a fund of 1 billion Egyptian pounds (55,757,452 US dollars) to support start-ups in digital finance and research on financial technology. This investment is one of the major actions of the strategy that the national financial institution is refining to make Egypt a regional
The information was unveiled on 16 March 2019 by Ayman Hussein (photo), the EPC Deputy Governor in charge of payments systems and information technology. He attended the session on the impact of financial technology and innovation on Africa at the Arab African Forum that opened last Saturday in Aswan, Egypt.
Also as part of its strategy to develop financial technology in Egypt, to create a financial technology unit within the bank, it is also planned to create a new application laboratory for innovative financial technologies that would be used to test new applications.
To secure these new products, the EPC also plans to launch a Cybersecurity Centre for the banking sector by the end of 2019. It will be responsible for taking proactive measures to deal with cyber security incidents and safeguarding digital evidence.
According to Ayman Hussein, “Egypt has the success factors that make it a pioneer in the financial technology sector, including strong demand for financial services, the banking sector, telecommunications companies, electronic payment companies, insurance companies, regulatory bodies, incubators, business accelerators, investors and small and medium-sized financial enterprises (SMEs)”.
In other words, the country intends to use these assets to further transform its financial sector into an engine of growth and wealth and job creation.