Focusing on the area of financial technologies (FinTech), The American University in Cairo (AUC) and the Commercial International Bank-Egypt (CIB) are partnering to support entrepreneurship in Egypt, by creating the AUC Venture Lab FinTech Accelerator, powered by CIB.New and emerging financial technologies (FinTech) are rapidly changing the landscape in the financial services and banking field. FinTech include new and potentially innovative startups in several areas, such as digital and mobile payments. A number of Egyptian startups have made progress in this space; however, the number of Egyptian FinTech startups remains limited with significant untapped opportunities.
Through this partnership, AUC Venture Lab will house the new FinTech Accelerator, powered by CIB. Through a 12-week acceleration program, FinTech startups will receive specialized support to launch and grow their business; gain valuable insights from some of the smartest minds in the start-up and FinTech world; and increase their impact on the Egyptian economy.
CIB's partnership with AUC will create a platform to bridge the gap between the financial services sector and the emerging entrepreneurial ecosystem to encourage new startups in the FinTech space, which would introduce innovative solutions.
"We are pleased to partner with CIB to identify and grow innovative and transformative financial technologies (Fintechs) to the Egyptian market," said Karim Seghir, dean of the School of Business, "CIB is a long-term valuable partner for AUC’s School of Business, and we are proud to collaborate with them in this cutting edge area to support innovation in the financial services industry," added Seghir.
"Our partnership with AUC Venture Lab signifies a vital step towards our ongoing goal of introducing new innovative business models and digital financial services in Egypt, satisfying the needs of our customers,” said Mohamed Sultan, CIB Chief Operating Officer. "Considering our market context, where consumers have more mobile phones than bank accounts, Fintech innovative solutions could be their ticket to financial inclusion and membership in the digital economy,” added Sultan.
AUC Venture Lab is the leading university accelerator in Egypt, MENA and Africa, with 55 startups accelerated to-date in six cycles, generating more than LE 38 million in revenues, LE 26 million in investments and creating 376 jobs. The mission of the AUC Venture Lab is to commercialize technologies and innovations developed by Egyptian startups to contribute to economic growth, competitiveness, and job creation. AUC Venture Lab enables entrepreneurs with strong growth potential to capitalize on AUC’s world-class capabilities (knowledge, faculty, staff, alumni, students, business network, facilities, space, brand name and services).