Digital Finance Holding (DFin Holding) announced on Sunday the launch of its FinTech platform focusing on the building and financing of tech-based financial services in Egypt and the rest of the region.
It also announced the establishment of the first venture debt fund in the region that offers various finances for the tech-based star-tups in the region, including Egypt.
DFin Holding is licensed and regulated by the Egyptian Financial Regulatory Authority (FRA) with the objective of building the first of its kind platform of digital financial services across various subsidiaries and affiliated startups.
The company specialised in supporting and promoting FinTech in the non-banking financial services industry. The action was driven by the opportunity that emerged from positive and upcoming anticipated developments in the legal and regulatory framework as well as the efforts extended by the Central Bank of Egypt (CBE) along with the FRA in this regard, the company said in a statement.
DFin announced its initial subsidiary companies to include Shekra (a digital financing platform solution), Optofolio (a robo-advisory and digital wealth management solution) and Camel Ventures which is the first venture debt-focused fund in the region currently fundraising and is expected to launch in the second quarter of 2021.
FinTech has become a clear cornerstone for economic growth and financial inclusion that is crosscutting across various sectors and industries, said Khaled Hegazy, the Chairman of DFin.
“Based on the tremendous untapped market size as well as the pool of tech-savvy and innovative talent residing in Egypt, we are developing the appropriate infrastructure that enables the platform to grow as a FinTech powerhouse in the region, and that represents a clear growth opportunity with a positive societal impact," he added.