Egypt’s Ministry of Youth and Sports has signed a memorandum of understanding with the Financial Regulatory Authority (FRA) to support youth entrepreneurship, innovation and fintech across the country.
The partnership will provide training, workshops and awareness sessions focused on fintech, non-bank financial services, financial literacy and business model development. It will also support promising ideas through the FRA’s regulatory sandbox, known as FRA-Sandbox.
Under the agreement, eligible startups and young entrepreneurs may receive guidance, connect with incubators and accelerators, and gain access to investors, venture capital funds and relevant financing networks, subject to applicable regulations.
The cooperation will cover innovation in insurance, non-bank finance, leasing, factoring and capital markets. The sandbox will offer qualified technology projects a supervised environment to test and refine their products and business models.
FRA Chairman Islam Azzam said the sandbox received applications from more than 50 projects during its first year. Nine projects received preliminary approval to join, while two have started practical testing.
The authority also said Egypt has around 75 fintech companies operating in non-bank financial services. The two institutions plan to organise innovation challenges, exhibitions and other events, while forming joint teams to implement and monitor the partnership.
Source: Al Borsa
