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Brief on Fintech in Egypt and Opportunities for UK Plc
With over 100 million people there’s a huge pool for innovation in Egypt. Egypt’s emerging fintech sector is especially interesting, providing solutions for billing, payments, lending, and more.
In a predominantly cash-based society, the Egyptian government and Central Bank of Egypt (CBE) realize the importance of progressing towards a cashless economy and are actively supporting fintech start-ups to help make that move.
The following are the findings of a UK fintech scoping visit to Egypt earlier this year:
- Regulatory Support
The fintech sector in Egypt is still fairly fragmented with some disconnect between the private and public sector. While CBE is keen for fintech initiatives to start hitting the market, advise is needed from UK institutions on the regulatory framework around peer-to-peer lending, crowdfunding (not yet formalized) and sandboxing among others. CBE is therefore open to discussions with UK institutions that can provide consultancy in this area.
- Commercial Opportunity
Egypt is a big and attractive emerging market, there is a real opportunity for challenger banks that operate in open banking to come into the market. Egypt is looking to outsource services such as microfinance and lending, credit reference checks, KYC/AML procedures etc. Some of the big existing banks in Egypt are looking at onboarding UK expertise and products which provides an opportunity for UK plc.
- Building a Domestic Fintech Environment
Fintech is very much an emerging sector in Egypt. Egypt has local fintech accelerators such as Flat6Labs as well as AUC’s venture lab fintech accelerator, built in collaboration with Commercial International Bank (CIB). Earlier in 2018, Nile University launched Egypt’s first blockchain focused incubator at NU Tech Space. Some of these accelerators are in need of further advise for mentorship opportunities and are looking to the expertise available in the UK market either via consultancy services or via knowledge sharing with firms that have experience in this field.
The Egyptian-British Chamber of Commerce
24 New Broadway
London W5 2XA
Tel. 020 7499 3100
info@theebcc.com
www.theebcc.com
