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

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.