Early-stage investor DFS Lab has announced that it will facilitate a virtual design sprint in March 2021 for fintech startups in Egypt. The sprint is hosted by the Central Bank of Egypt, in collaboration with the Financial Regulatory Authority, and is supported by FSD Africa, through UK aid from the UK government.
This event will offer participating startups an opportunity to bring their solutions to market via a relationship with Egyptian banks and financial institutions and other solution-seeking organizations.
Startups focused on digital commerce and finance, including cashless payments, identity, digital invoicing and supply chain payments, regulatory interactions, and other commerce tools are responding to changes in consumer demand. Many of these innovations could be deployed in the fight against COVID-19.
“Under the host of the Central Bank of Egypt and in collaboration with the Financial Regulatory Authority, DFS Lab has partnered with FSD Africa on a COVID-19 innovation sprint that aims to unearth, develop, and refine FinTech solutions that directly address the pandemic in Egypt. This event will bring together Egyptian banks and financial institutions that are seeking solutions to COVID-19 with international and local innovators who are rapidly creating the products and services to help Egypt’s financial sector solve current COVID-19 challenges.” Stephen Deng, Partner at DFS Lab said.
“FSD Africa believes FinTech startups, with their energy, focus, and expertise can play a transformational role in tackling the unprecedented challenges that Egypt is facing as a result of COVID-19. The innovation sprint, hosted by the Central Bank of Egypt and implemented by the DFS Lab, will provide a platform to showcase the many existing innovations that can be adapted and scaled up to support the country. We hope that this sprint will be just the beginning of long lasting and sustainable relationships built between all players and allow FinTech to be part of the COVID-19 solution.” said Mark Napier, CEO of FSD Africa.
The innovation sprint will culminate with a demo day where Egyptian banks and other financial institutions can see the solutions startups present and can choose to move forward, bringing products and solutions to market.