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Egypt state banks setting up $85 million fintech innovation fund

Egypt state banks setting up $85 million fintech innovation fund

EGYPT'S three biggest state-owned banks are setting up an $85 million financial technology fund that aims to accelerate innovation in the sector, venture capital firm Global Ventures, a partner in the fund, said on Sunday. Legislative and regulatory changes in Egypt over the last two years have paved the way for a surge in fintech investments and a change in the way the country's largely unbanked citizens do business, industry players say. Banque Misr will act as an anchor investor in the programme, with National Bank of Egypt and Banque du Caire as strategic investors, said the statement by Global Ventures,…
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