{"id":597356,"date":"2019-07-24T04:18:48","date_gmt":"2019-07-24T04:18:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/egypts-first-egp-1-bn-fintech-fund-to-launch-early-2020\/"},"modified":"2019-07-24T04:18:48","modified_gmt":"2019-07-24T04:18:48","slug":"egypts-first-egp-1-bn-fintech-fund-to-launch-early-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/24\/egypts-first-egp-1-bn-fintech-fund-to-launch-early-2020\/","title":{"rendered":"Egypt\u2019s first EGP 1 bn fintech fund to launch early 2020"},"content":{"rendered":"

Egypt\u2019s first fintech fund to launch early 2020: <\/b>The Central Bank of Egypt\u2019s (CBE) EGP 1 bn fund to back fintech startups will be up and running at the start of next year, banking sources tell Al Mal<\/a>. Several unnamed international and local institutions will invest alongside the CBE in the fund, which will focus its investment strategy on financing \u201cboth directly and indirectly\u201d fintech venture capitalist funds and startup incubators and accelerators, the sources say. The fund will see its size increase within five years to c.USD 500 mn from an original USD 50-100 mn, the sources expect. The CBE is expected to announce soon types of businesses it will be looking to prioritize.<\/p>\n

Background: <\/b>CBE Governor TarekAmer first announced the fund during the 2018 Seamless North Africa digital and fintech conference, which saw former Prime Minister Sherif Ismail speak of plans<\/a> to make Egypt a regional hub for fintech innovation. Advisory firm Ernst and Young has already finalized the fund\u2019s bylaws and internal structure, according to sources with whom Al Mal spoke recently.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s first fintech fund to launch early 2020: The Central Bank of Egypt\u2019s (CBE) EGP 1 bn fund to back fintech startups will be up and running at the start of next year, banking sources tell Al Mal. Several unnamed international and local institutions will invest alongside the CBE in the fund, which will focus […]<\/p>\n","protected":false},"author":1,"featured_media":597357,"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":[8572],"tags":[271,72,203,7087,183,2380,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597356","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-central-bank-of-egypt","tag-enterpriseam","tag-entrepreneurship","tag-finance","tag-fintech","tag-speed-round","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"b4c416fd-f503-4235-ac26-05b5eba30688","is_powered_by":true,"section_story_id":"c004a9d9-3d72-4ed4-9dc5-bfdb28c0db15","story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/1115.jpg","photo_position":"above","related_issue":[597342],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s first EGP 1 bn fintech fund to launch early 2020 - 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\/2019\/07\/24\/egypts-first-egp-1-bn-fintech-fund-to-launch-early-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s first EGP 1 bn fintech fund to launch early 2020\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s first fintech fund to launch early 2020: The Central Bank of Egypt\u2019s (CBE) EGP 1 bn fund to back fintech startups will be up and running at the start of next year, banking sources tell Al Mal. 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The fund, which was initially expected to be up and running\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":[]},{"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":597356,"position":1},"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":[]},{"id":602214,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/21\/central-bank-of-egypt-to-launch-soon-egp-1-bn-fund-for-fintech\/","url_meta":{"origin":597356,"position":2},"title":"Central Bank of Egypt to launch soon EGP 1 bn fund for fintech","author":"enterpriseam admin","date":"21 March 2019","format":false,"excerpt":"The CBE is embracing fintech: The Central Bank of Egypt is planning to set up an EGP 1 bn fund to back fintech startups, CBE sub-governor for payment systems and business technology Ayman Hussein said earlier this week. The fund is part of the CBE\u2019s strategy to promote fintech, which\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":[]},{"id":632342,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/08\/amendments-to-banking-act-will-strengthen-the-central-banks-consumer-protection-role\/","url_meta":{"origin":597356,"position":3},"title":"Amendments to Banking Act will strengthen the central bank\u2019s consumer protection role","author":"enterpriseam admin","date":"8 February 2018","format":false,"excerpt":"Amendments to Banking Act to make central bank the primary consumer protection agency for the banking industry: Amendments to the Banking Act, which are still being drafted by the central bank, will, in effect, make the CBE the primary consumer protection agency for the banking industry, Al Mal reports. Under\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":[]},{"id":553414,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/state-institutions-%e2%9d%a4%ef%b8%8f-planet-startup\/","url_meta":{"origin":597356,"position":4},"title":"State institutions \u2764\ufe0f Planet Startup","author":"enterpriseam admin","date":"2 December 2021","format":false,"excerpt":"Egypt\u2019s biggest state-owned banks are planning to launch a new fund to invest in fintech startups before the end of the year, with an eye to reach a USD 85 mn first close, Al Mal reports, citing what it says are sources in the know. Partners in the fund include\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557674,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/28\/egyptian-banks-launch-egp-1-bn-fintech-fund\/","url_meta":{"origin":597356,"position":5},"title":"Egyptian banks launch EGP 1 bn fintech fund","author":"enterpriseam admin","date":"28 September 2021","format":false,"excerpt":"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.\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/374.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597356","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=597356"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597356\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597357"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597356"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597356"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}