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Learn about the first government competition to create financial technology solutions to meet the challenges of Corona

The Central Bank of Egypt, in cooperation with the Egyptian Financial Supervisory Authority, launched the first governmental competition to innovate financial technology solutions to face the challenges of the emerging Corona virus pandemic, as part of efforts to achieve the goals of the Financial Technology Innovation Strategy and enhance financial inclusion. The Seventh Day presents questions and answers about the competition and how to participate Out.


Q- First of all, what are the entities supervising the Financial Technology Solutions Competition, and what is its objective?


C- The Central Bank of Egypt organizes the Financial Technology Innovation Competition in cooperation with the Egyptian Financial Supervisory Authority, and is supported and supervised by the FSD Africa Foundation and the organization DFS Lab, with the aim of strengthening international cooperation in financial technology and innovation activities in light of the continuing repercussions of the Corona pandemic.


The competition aims to invite and urge multiple groups of companies for the DFS LAB platform to develop perceptions of interest to many non-bank financial bodies in Egypt looking for solutions to overcome the problem of social distancing and facilitate the granting and provision of financing in light of the emerging Coronavirus pandemic COVID-19, and will display the DFS LAB platform Many innovations that can be employed and expanded to support the national economy, as well as attract international and local innovators in designing products and services that will help the Egyptian financial sector adapt to the post-COVID-19 landscape.


Q- What companies are entitled to participate, and how do they participate?


C- The startups have the right to participate in the competition. Indeed, emerging companies submitted applications to participate in the competition during the period from January 19 to February 19, 2021 through the Fintech Egypt platform of the Central Bank of Egypt, and the comparison between applications and products is underway. Technology to participate in the race based on its ability to provide effective solutions to the problems and challenges facing banking and financial institutions in light of the Corona pandemic, provided that the race will be held for a period of three days during the month of March.


Q- How will the ideas of the winning companies be transferred?


C- After the application period ends and according to specific criteria and under the supervision of the Central Bank of Egypt, entrepreneurs and representatives of emerging companies with creative and applicable ideas will be selected and then virtual workshops and discussion sessions will be held via the Internet that bring them together with representatives of banks and banking institutions, with the aim of arriving at models Initial implementable applications.


Q- And why was the Fintech Solutions competition launched specifically?

A- According to the Financial Supervision Authority, with the Coronavirus pandemic, we have all started witnessing a new behavior of the financial sector, as the needs of society have become an actual priority for all commercial projects, and cooperation has become more important than ever before, and there has become a national trend to preserve the safety of people and survival. At home during an epidemic.


FinTech as an industry not only solves unprecedented problems today, but also plans for an inevitable digital future, and it is the responsibility of all stakeholders who work in the technology employment environment in the financial sector to unite efforts, speed and proactive to achieve this. The spread of the COVID-19 virus has lasting effects on the Egyptian economy for years to come, as many believe that these types of financial technology employers will play a role in creating short and long-term solutions to this new reality.

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