Cairo, Egypt: Arab Bank recently launched the second edition of its FinTech Bootcamp for entrepreneurs in Egypt, following the success of the first edition last year.
The launch of the second edition, organized by “AB Accelerator” in Egypt, comes as part of the bank’s strategic efforts to promote and support innovation in the FinTech sector to offer responsive and agile banking solutions in line with customers’ needs and expectations. across different segments.
Participating startups signed up for an intensive one-week bootcamp that took place between 18 and 22 September 2022, where they could develop their ideas and refine their skills by testing the proposed solutions and validating their relevance and feasibility in the market. Led by entrepreneurs, investors, experts from the FinTech industry as well as veteran bankers at Arab Bank Egypt, the bootcamp workshops ensured to deliver relevant experience and knowledge to the participants.
The bootcamp ended with a demo day where startups presented their solutions to a panel of judges consisting of the top management of Arab Bank as well as independent investors. Three winners were selected and received cash rewards to continue developing their ideas and building their solutions. “Haktiv” received the first place prize of EGP 100,000 while “Credify” received the second place prize of EGP 75,000 and “Receety” came third with a prize of EGP 50,000.
The “AB Accelerator” program aims to accelerate the adoption of new technologies and solutions within Arab Bank, supporting entrepreneurs with the opportunity to scale their market-ready FinTech startups across the MENA region. Driven by this goal, the “AB Accelerator” program works to integrate into Egypt’s startup scene by investing in early-stage startups specialized in FinTech that demonstrate strategic alignment with Arab Bank’s vision to promote innovation.
Commenting on the launch of the second edition, Habiba Helmy, Innovation Lead at Arab Bank – Egypt, said: “Through the FinTech Bootcamp, we seek to support entrepreneurs and startups by connecting them with mature FinTech entrepreneurs and relevant Arab Bank stakeholders for mentoring and knowledge exchange based on the experts’ solid experience and challenges in this sector over the years.” Helmy added: “Arab Bank continues to focus on implementing initiatives aimed at building the capacity of entrepreneurs in Egypt and seeks to create long-term relationships with the founders by offering continued support. The bank continues to follow up with startups that participated in its first edition last year, which witnessed outstanding attendance and success, the launch of the second edition aimed to support startups by providing them with the resources, workshops and mentorship needed to further develop their ventures and sharpen their entrepreneurial skills.
Arab Bank’s presence in Egypt started in 1944. Currently, the bank has 44 branches located in capital cities and governorates across Egypt. Arab Bank has one of the largest global Arab banking networks with over 600 branches spanning five continents.
It is worth noting that Egyptian entrepreneurs who wish to join Arab Bank’s “AB Accelerator” portfolio of companies can apply online via: www.abaccelerator.co/apply-now or send an email to: hello@abaccelerator .co, which was launched specifically to receive inquiries and application forms.
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