Arab Bank launches its fintech accelerating programme in Egypt
Jordan’s largest lender, Arab Bank Group, announced on Sunday it had recently launched its FinTech-focused corporate accelerator programme AB Accelerator in Egypt.
The programme was successfully launched in Jordan in 2018.
“The launch of this programme in Egypt comes as part of the bank’s strategic efforts to foster and support innovation in the FinTech sector towards offering responsive and agile banking solutions in line with the evolving needs and expectations of clients across different segments.” Arab Bank said in a statement.
AB Accelerator programme aims to accelerate the adoption of emerging technologies and solutions within Arab Bank, and support entrepreneurs with the opportunity to scale their market ready FinTech startups across the MENA region.
Driven by this objective, the programme works to integrate into Egypt’s startup scene through investing in early-stage startups specialised in FinTech as well as other related technology verticals, such as cybersecurity and artificial intelligence (AI), with a focus on startups that demonstrate strategic alignment with Arab Bank.
“AB Accelerator is unique in a way that applies a venture client as well as a venture capital model.” Hala Zahran, Lead of AB Accelerator at Arab Bank, said.
The programme “provides early-stage startups with a banking and commercial collaboration that not only helps them gain credibility and validate their product, but also allows them to instantaneously tap into multiple geographies.”
“AB Accelerator programme encompasses the essence of what a strategic investor is.”
The bank over the past two years has invested in “a global portfolio of startups from the US, Europe and in the MENA region, including startups like Seclytics (Cybersecurity), Tabby (Buy Now Pay Later) Hala Insurance (Digital Insurance).” Zahran added.
Meanwhile, Habiba Helmy, Innovation Lead at Arab Bank – Egypt, said Egypt has one of the region’s most thriving ecosystems for innovation.
“Egypt is home for talented and passionate entrepreneurs who we are eager to collaborate with and, eventually, help in expanding their footprint both locally and regionally.” Helmy noted.
Upon joining AB Accelerator programme, Helmy said startups in Egypt will not only be able to “receive funding of up to $500,000, but they will also be entitled to a host of unique benefits as part of their collaboration with Arab Bank.”
“These benefits include: creating a customised Proof of Concept to test solutions which could potentially lead to a pilot agreement with the bank, as well as instantly accessing customers and markets across Arab Bank’s regional and global network.”
Arab Bank said that Egyptian entrepreneurs who wish to join Arab Bank’s AB Accelerator portfolio of companies may apply online through: www.abaccelerator.co/apply-now or send an email to: hello@abaccelerator.co which were launched specifically to receive inquiries and application forms.
The bank’s presence in Egypt started in 1944, currently having 44 branches located in main cities and governorates across the country.
