Three Egyptian banks to launch investment trust for fintech start-ups

Doaa A.Moneim , Monday 27 Sep 2021

The National Bank of Egypt (NBE), Banque Misr and Banque du Caire aim to launch a trust in October to support fintech start-ups with an overall capital worth EGP 100 billion, the Central Bank of Egypt (CBE) announced on Monday.

CBE

The trust will aim to create a suitable environment for young innovators to produce innovative solutions, especially in fintech, the CBE said, adding that this is planned to be the largest trust in fintech on the regional level.

The trust will direct investments to local fintech start-ups as well as international ones looking to operate in the Egyptian market, according to the CBE.

Over the past few years, Egypt’s government has launched several initiatives to encourage fintech in the country, including the launch of the fintech Egypt platform and the conversion of the historical Central Bank of Egypt building into a hub for supporting fintech, as well as introducing a fintech regulatory sandbox to allow start-ups to test their ideas.

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