{"id":557674,"date":"2021-09-28T04:00:42","date_gmt":"2021-09-28T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/egyptian-banks-launch-egp-1-bn-fintech-fund\/"},"modified":"2021-09-28T04:00:42","modified_gmt":"2021-09-28T04:00:42","slug":"egyptian-banks-launch-egp-1-bn-fintech-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/egyptian-banks-launch-egp-1-bn-fintech-fund\/","title":{"rendered":"Egyptian banks launch EGP 1 bn fintech fund"},"content":{"rendered":"

<\/a> State-owned banks launch EGP 1 bn+ fintech fund:<\/strong> Several state-owned banks will next month join forces to launch a fund to support fintech startups, in a new push to develop the local sector and bring more of the population into the formal economy, according to a statement (pdf)<\/a> out yesterday. The fund is being established by the National Bank of Egypt, Banque Misr, and Banque du Caire on the instruction of President Abdel Fattah El Sisi, and will have a minimum capital of EGP 1 bn, the statement said. Other financial institutions are welcome to participate in the fund.<\/p>\n

The fund will support both local fintech startups and international outfits that want to establish themselves in the Egyptian market<\/strong>. It will also work on enabling more applications of fintech which would facilitate the process of providing and delivering financial services.<\/p>\n

The fund goes hand-in-hand with the <\/strong>recent legislation<\/a><\/strong> designed to develop Egypt\u2019s fintech sector:<\/strong> Last year\u2019s Banking Act and draft legislation authored by the Financial Regulatory Authority aim to cement Egypt\u2019s position as one of the MENA region\u2019s fintech centers \u2014 while also driving financial inclusion in the wider population, a key driver of investor interest in the fintech industry. The Banking Act ended some of the regulatory uncertainties facing the sector, establishing a mechanism for the licensing of e-payments and fintech firms, and for the first time provided a framework for the licensing of digital banks. The FRA bill will establish new licensing and supervisory powers for nano-finance, crowdfunding, robo-advisory and insurtech firms, and is still being discussed by lawmakers.<\/p>\n","protected":false},"excerpt":{"rendered":"

State-owned banks launch EGP 1 bn+ fintech fund: Several state-owned banks will next month join forces to launch a fund to support fintech startups, in a new push to develop the local sector and bring more of the population into the formal economy, according to a statement (pdf) out yesterday. The fund is being established […]<\/p>\n","protected":false},"author":1,"featured_media":557675,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7323],"tags":[726,576,72,183,248],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech","tag-banque-du-caire","tag-banque-misr","tag-enterpriseam","tag-fintech","tag-national-bank-of-egypt","wpautop","entry"],"acf":{"mongo_id":"afcede8b-7d35-4e78-bc54-21728765ee81","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/374.jpg","photo_position":"above","related_issue":[557668],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian banks launch EGP 1 bn fintech fund - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/egyptian-banks-launch-egp-1-bn-fintech-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian banks launch EGP 1 bn fintech fund\" \/>\n<meta property=\"og:description\" content=\"State-owned banks launch EGP 1 bn+ fintech fund: Several state-owned banks will next month join forces to launch a fund to support fintech startups, in a new push to develop the local sector and bring more of the population into the formal economy, according to a statement (pdf) out yesterday. 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The fund aims to meet the needs of investors who wish to invest in gold but lack the necessary experience, according to El\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":625020,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/25\/sawari-ventures-to-launch-egp-1-bn-fintech-fund-by-year-end-pending-cbe-approval\/","url_meta":{"origin":557674,"position":5},"title":"Sawari Ventures to launch EGP 1 bn FinTech fund by year-end pending CBE approval","author":"enterpriseam admin","date":"25 September 2018","format":false,"excerpt":"**#6 INVESTMENT WATCH- Sawari Ventures to launch EGP 1 bn fintech fund by year-end: Sawari Ventures will launch its EGP 1 bn fintech-focused venture capital fund by the end of this year or early next year, depending on the timing of approvals it needs from the central bank, Al Mal\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557674"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557674\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557668"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557675"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557674"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557674"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}