2023年埃及金融科技格局

CONTENTS THE JOURNEYTOWARDS DIGITALTRANSFORMATION FinancialTechnology is fundamental forthemodernization and advancement ofEgypt’sbanking and financial sectors.With new innovative FinTech and FinTech-enabledstartups emerging in the marketevery year, Egypt has immense potential forthe advancement of the FinTech & FinTechenabled industry as well as a catalyst forcurrentand future innovation,potentialcollaboration and policy development. As part of the country’s endeavors towards achieving Egypt’s less-cashframework and more broadly Egypt’s National Vision 2030, under the leadershipofHis Excellency, Mr. President Abd El Fattah El Sisi,Egypt is striving toencourage innovation and digitization of the banking and financial sectors. Owing to the regulators and government who significantly helped in policydevelopment and creating a FinTech enabled environment as well as allthe other vital roles played in the progression of the FinTech ecosystem byother key stakeholders as FinTech & FinTech enabled startups, paymentservice providers (PSPs), venture capital firms, angel investors, accelerators,incubators, commercial banks in Egypt, and financial infrastructure providerswho are responsible for enabling the FinTech & FinTech enabled startups’ coreofferings to function. By expanding the FinTech ecosystem and the involvement of more keystakeholders, the Egyptian FinTech industry has seen vast advancementsthroughout this year, keeping the country in line with its deliberate SustainableDevelopment Strategy (SDS) to achieve a competitive diversified economy, andattain optimum financial inclusion. As such, this report aims to provide insightson the progression of the FinTech industry in Egypt in the last few years, inaddition to the enabling activities and initiatives done by the aforementionedstakeholders to help achieve the country’s strategic goals. FORWARD Following on the success of the previouseditions of the FinTech Landscape Report, the3rd edition of the FinTech Landscape Reportmainly focuses on including more FinTechecosystem players, thus highlighting all theirvital roles in helping the FinTech scene inEgypt grow at a fast pace, as the Central Bankof Egypt realizes that nowadays it is all aboutcollaboration rather than being head to head,enabling others to enable yourself, thereforethe Central Bank of Egypt brought together the key stakeholders of the FinTech & FinTech enabled industry to establisha comprehensive all-inclusive report. The FinTech industry in Egypt continues to rapidly open up a world ofpossibilities across every industry sector and multiple aspects of daily life,from contactless payments to automating the delivery and use of financialservices and streamlining financial operations and processes. As per thedeep technological changes witnessed, 2022 has shown significant progressin the FinTech industry, by dint of all the FinTech ecosystem main players’collaborative efforts that significantly helped in the making of the report. This report gives an overview on a five-pillar framework which mainlyincludes the needs and demands of consumers, MSMEs, corporations andfinancial institutions, the availability of funding and access to capital acrossall FinTech lifecycle stages, availability and development of talent pipeline,governance and effective collaborations among ecosystem stakeholders,and the overall regulatory environment. Moreover, the report measures theinfluence of each of the five pillars through the lens of each and every keystakeholder, while providing a full-fledged understanding of the FinTechdevelopments witnessed over the last year(s). In alignment with the directions and support ofthe Governor of Central Bankof Egypt,Mr. Hassan Abdalla, the Central Bank of Egypt will continue indriving innovation and creating growth opportunities to reshape its economyintoa more financially inclusive digital economy, ensuring price stability,liftingconstraints,encouraging innovative entrepreneurs and startups,building customer trust, creating opportunities beyond financial services,and enabling the ecosystem to achieve sustainable growth as the journeycontinues. The third edition of the FinTech Landscape report is instrumented thoroughly by acombination of suitably designed online surveys, covering year 2022 and directedto each key stakeholder in the FinTech ecosystem to better understand and identifymarket progress, needs, areas of improvements and possible collaborations, by goingthrough each and every stakeholders’ unique perspective of the 5 pillars (Demand,Funding, Talent, Governance, and Regulations). Each stakeholder in the FinTech ecosystem has his distinctive viewpoint towardsthe aforementioned pillars, which were empirically procured through the well-tailoredsurveys that were directed and filled out by each key stakeholder to make the FinTechLandscape Report more comprehensive. The analytics in the report are based on information extracted from more than 250organizations from the Fi