The fintech industry in Egypt: Nowadays, financial technology (fintech) in Egypt is the hype, with Euromoney Conferences dedicating its entire one-day annual Egypt conference, held two days ago, to the topic. But what exactly is fintech? Fintech is any technology, application, or innovative ideas that aim to enhance financial activities. It could also be an alternative to traditional financial services. It includes several services, such as digital cash, e-payment solutions, smart wallets, cryptocurrency, and blockchain technology. While fintech in Egypt is relatively small, it is more prevalent with local e-payment solutions as well as smart wallets. Many funds now in Egypt are being established to financing fintech startups. Moreover, the Central Bank of Egypt (CBE) is pushing for moving into “a cashless economy”, targeting to boost electronic payments to represent around 10% of total GDP over the coming three years, up from a current estimate of 2-3%. This step would place the country at the heart of the fintech industry. Additionally, “financial inclusion” in Egypt has been a major theme for the Egyptian government in the last few years, and fintech is an important enabler that can support its implementation
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190911-How-Soon-Can-Egypt’s-FinTech-Tick