HSBC to back fintech in Egypt with $31 million fund

HSBC Egypt is planning to launch a fund worth EGP 1.5 billion (around $31.5 million) to invest in small and medium-sized enterprises (SMEs) operating within the fintech sector in Egypt, two sources in the know told Asharq Business.

EFG Holding will manage the fund, one source said, expecting the fund to be launched in the third quarter (Q3) of this year.

Several financial institutions, including the Suez Canal Bank, have contributed to the new fund, a banker noted, highlighting that the Central Bank of Egypt (CBE) had approved the launch of the fund.