CBE's Governor: Egypt Emerges as a Promising Hotspot for Financial Technology Investment

Under the patronage of Dr. Mostafa Madbouly, the Prime Minister of Egypt, and in the presence of Hassan Abdullah, CBE Governor, the summit witnessed fruitful discussions on financial technology topics with the participation of distinguished local and international experts and financial technology companies. These discussions support the country's efforts, led by President Abdel Fattah El-Sisi, to transition into a digital economy.

Governor Hassan Abdullah emphasized that the topics discussed during the conference support the expansion of financial technology activities and the support of entrepreneurial communities and young talents, aiming to boost the financial technology ecosystem in the Egyptian market.

He further highlighted Egypt's potential as a promising and attractive market for both local and international investors, especially in the field of financial technology. Egypt possesses all the essential elements for success, positioning the country as a leading player in the regional and global financial technology landscape, including a large market, suitable infrastructure, and a supportive and innovative environment.

On the second day of the conference, a competition for startups in the financial technology sector was launched in collaboration with Visa. The participating companies fiercely competed, presenting their business models to a judging committee comprised of prominent financial technology experts, with the winner receiving a financial prize.

The competition aims to support and encourage emerging financial technology companies, fostering new prospects for the entrepreneurial community in this vital sector.

In this context, the judging committee announced Cayesh Supplier Chains as the competition's winner, receiving a prize of $50,000 from Visa.

The winning company will be invited to a meeting with CBE's leadership to explore ways to provide assistance and regulatory support, accelerating its project's launch in the Egyptian market. This initiative reflects CBE's commitment to nurturing and encouraging talents, positively impacting the services provided to citizens and enhancing financial inclusion.

Additionally, "FinTech Got Talent" competition was launched in cooperation with CBE's initiative, FinTech Egypt, the Egyptian Banking Institute, universities, and participating banks through FinYology. The best 3 ideas presented by young university students at the conference were given the opportunity to pitch their ideas to banks and venture capital companies, opening doors for potential future partnerships.

The event also saw CVE's Governor honoring participants in FinYology initiative from banks and universities. The recognition was in appreciation of their continuous commitment and important role in the success of the initiative, which trained nearly 7000 university students over the past 3 years in collaboration with 25 government and private universities and 18 operating banks in Egypt.

In his closing remarks, Eng. Ayman Hussein, the Assistant Governor of CBE, emphasized the bank's ongoing support and nurturing of young Egyptian talents in the financial technology sector, aiming to invest their potential in creating a new generation of financial technology experts capable of enhancing Egypt's prominence in this vital field.

The event included various dialogue sessions, prioritizing issues in the digital economy, discussing developments in financial technology and their impacts. Additionally, topics such as digital payment activities, e-commerce, cybersecurity, open banking, and the role of financial technology in transitioning to a digital economy and achieving sustainable development were covered.

With over 6000 participants from local, regional, and international financial institutions and more than 38 countries, including central banks, and over 100 local and international experts, the conference was a resounding success. The high turnout continued for the second consecutive day at the exhibition organized on the sidelines of the conference.

The exhibition provided visitors with an opportunity to explore the latest real-life applications of financial technology presented by 100 major companies and institutions specializing in innovation and financial technology.

Among the exhibition's highlights was the Central Bank's booth, showcasing its efforts to elevate the financial technology ecosystem in the Egyptian market as a pivotal pillar in the digital transformation and increased financial inclusion.