The Central Bank of Egypt (CBE) has decided to turn its old historic building in downtown Cairo into its FinTech Hub headquarters. The hub will begin its operations this year, as a forum for all the parties in the FinTech system.
FinTech Egypt is going to be an independent FinTech Hub motivated by innovative technology that unifies all the stakeholders of the FinTech ecosystem, such as startups, financial institutions, service providers, regulators, investors and mentors.
Combining the historic heritage of the building with technology, CBE believes that their FinTech Hub will become a one-stop shop for networking and collaboration for the stakeholders of the industry.
“It is also a technology-driven networking platform for all FinTech stakeholders, provides access to FinTech sandbox that acts as a virtual regulatory space for FinTech startups, and well-structured space for FinTech-focused events, space, workshops, trainings and competitions,” the CBE said.
According to Zawya, CBE is currently looking forward to the soft launch of the regulatory sandbox in June 2019. Already CBE has invited FinTech startups and companies that specialize in e-KYC solutions to apply for the first pilot cohort.
“The CBE believes in keeping up with rapid developments in financial technology and striving to achieve an optimal balance between ensuring financial stability and consumer protection while as well advancing beneficial innovation to serve the banking and financial sector in Egypt,” CBE stated.
The regulatory sandbox would try to pave the way for more efficient and effective access to updated financial solutions within the ecosystem, at early stages of entrepreneurship. Using this, the innovators and consumers would both be benefitted. FinTech activities are very often disruptive, and the regulatory sandbox would make the disruption positive.
Under CBE’s guidance and supervision, FinTech startups and businesses will be able to test their innovative applications in a live environment.
CBE believes that their contributions in the FinTech industry will boost the Egyptian economy in the long run as technology is taking over almost every single sector of the traditional market.
“In order to bring new products and services to life, the CBE has developed its FinTech strategy – as a part of its role as a catalyst for change,” said CBE.