- The initiative is in line with Mastercard’s commitment to unlocking the next wave of innovation, which is driving the growth of the fintech sector in Egypt
- Community of Practice retreat will engage all fintech stakeholders in building a healthier, more connected entrepreneurial ecosystem
Cairo, Egypt: Mastercard announced a new partnership with GIZ Egypt and ElRehla to launch the third edition of the Fintech Industry Retreat held under the patronage of the Central Bank of Egypt (CBE), FinTech Egypt and the Financial Regulatory Authority (FRA). The event will convene Egypt’s fintech community to network, collaborate and explore topics related to the development of the fintech ecosystem, trends, financial services and technology.
Recognized regulatory bodies will join the retreat to highlight the regulatory landscape for participating startups, helping them identify areas of growth and development. Engagements with the regulators ensure an open dialogue with participants at the retreat, paving the way for an inclusive fintech ecosystem.
Building on ElRehla’s expertise in developing collaborative communities and tailoring unique programs, Mastercard and GIZ Egypt will work together to engage all fintech stakeholders in building a healthier, more connected entrepreneurial ecosystem. The event will serve as an ideal platform to exchange knowledge and insights, facilitate access to resources and discuss effective ways of meeting current challenges.
Mastercard brings in global industry expertise running interactive workshops to offer thought leadership and the latest innovative payments and financial technology. It will also present its award-winning startup engagement program, Start Path, designed to raise capital and connect entrepreneurs to the wider payments ecosystem enabling FinTechs in Egypt to have wider regional and global access to technology and investment.
“We are pleased to welcome the Central Bank of Egypt; FinTech Egypt and the Financial Regulatory Authority as part of the event and are pleased to partner with GIZ Egypt and ElRehla to contribute to the unprecedented growth of the fintech landscape in Egypt. At Mastercard, we focus on pushing boundaries with disruptive ideas and innovations. Our commitment to developing the sector is driven by our shared mission to increase financial inclusion, closely aligned with our vision to empower Egypt’s fintech companies to accelerate economic growth,” so Khalid Elgibali, Divisional President, MENAMasterCard.
“The retreat is an important step towards a more connected Egyptian fintech ecosystem. Bringing all key players together under one roof will help build a mutual understanding of the challenges, opportunities and capabilities, thereby promoting sustainable development of the industry. Our partnership with Mastercard builds on our commitment to harnessing the power of technology to build a digital, financially inclusive economy in Egypt.” said Andreas Ruepp, head of the Financial Sector Development Project at GIZ Egypt.
“The Fintech Industry Retreat is a good example of the collaboration between different stakeholders in Egypt’s fintech ecosystem. For the third year, ElRehla brings together FinTech industry leaders, regulators, enablers, investors, start-ups and financial institutions in one place, to generate common understandings, build trust and reciprocity, underpin collaborative opportunities and collective action for mutual benefit, lead systemic change and drive economic growth. In previous years, we could see concrete results on the level of awareness and the work being done in the sector. It’s a big microsphere of what will hopefully happen in reality,” said Nadine Abukhadra, Head of Growth, ElRehla.
The retreat is part of a year-round activation program to support financial inclusion and drive economic growth in the country. The two previous Fintech Industry Retreats have successfully connected 93% of participants with new stakeholders, as well as supporting the launch of new start-ups and innovative products. With participants including representatives of the Central Bank of Egypt, the Financial Regulatory Authority and the National Telecom Regulatory Authority, the events have also helped shape better policies, frameworks and project ideas that will improve the market.
About Mastercard (NYSE: MA)
Mastercard is a global technology company within the payment industry. Our mission is to connect and drive an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, easy, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections across more than 210 countries and territories, we are building a sustainable world that opens up invaluable opportunities for all.
www.mastercard.com
About GIZ Egypt
GIZ is a service provider within international cooperation for sustainable development. GIZ has been operating in Egypt since 1956, offering technical expertise, developing capacity and delivering effective solutions in close collaboration with local authorities and non-governmental organisations. GIZ supports Egypt in its efforts to achieve the Sustainable Development Strategy: Egypt Vision 2030 to create better social and economic prospects for the Egyptian people. On behalf of the German government, the EU and other parties, GIZ implements projects in all parts of Egypt in the following cooperation areas: urban development, energy, water, economic development and governance.
GIZ Egypt website:
About ElRehla
ElRehla is an industry and community enabler. Our mission is to build cooperative societies towards social and economic growth; For the past 10 years, we have worked within various industries and ecosystems to deeply connect the key players and value chains of a particular industry to help build a mutual understanding of the challenges, opportunities and capabilities, thereby promoting the sustainable development of the industry. Our work also places a strong focus on enabling entrepreneurs by helping to build their capacities and networks. Through our unconventional format, we host sector-specific retreats and conventions, and hackathons, and work to generate common understandings, build trust and reciprocity, define challenges and policy recommendations, underpin collaboration opportunities, through a connecting, reflective and habit-changing experience.
