Local bank, international institution to launch first Fintech fund

A number of local banks seeks to launch the  first  fund to invest in Fintech in cooperation with international institutions with capital of one billion Egyptian pounds ($55.77 million) during the upcoming period.

The state-run Banque Du Caire will be one of the banks that would contribute 50 million Egyptian pounds to the new fund, head of investment sector Mohammed Ragaei said.

Banque Misr and the National Bank of Egypt would contribute in the fund along with other international institutions such as European Bank for Reconstruction and Development (EBRD).

Ragaei added that the new fund is expected to be launched before the end of current year.

FinTech is a new industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing services and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.