Three Egyptian banks to launch a $64 million fintech fund

CAIRO: The National Bank of Egypt, Banque Misr, and Banque Du Caire plans a fund to support fintech companies, Arab News reported.

The fund, to be launched in October, will have a minimum capital of one billion Egyptian pounds ($64 million), with the possibility of other banks or financial institutions also contributing, according to a statement from the Central Bank of Egypt.

The three banks said their participation in this fund stems from their belief in the importance of keeping pace with the global developments in the field of financial technology, which is the future of the banking and financial industry.