Egypt’s government is in talks with global payments giant Visa to establish the country’s first AI-powered TradeTech Sandbox, an initiative designed to enhance national exports by leveraging advanced data analytics. The discussions took place in Washington, D.C., on the sidelines of the annual IMF and World Bank meetings.
Quick Facts
- Egypt and Visa are exploring a TradeTech Sandbox.
- The initiative uses AI to find new export markets.
- Cairo is being positioned as a regional fintech hub.
Powering Exports with AI
The high-level meeting brought together Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid Saleh, and a senior Visa delegation led by Robert Thomson, Senior Vice President and Global Head of Government Relations.
Discussions centered on creating a regulatory sandbox for foreign trade that would use artificial intelligence to analyze export data, identify growth opportunities, and open new international markets for Egyptian products. Minister Farid invited Visa to participate in the project, which will be hosted at the Foreign Trade Training Center.
Egypt’s Broader Digital Transformation
Minister Farid emphasized that the Egyptian economy is primed to attract new investment, pointing to a series of government reforms aimed at improving the business climate. He highlighted significant progress in digitizing the non-banking financial sector, including the adoption of electronic identification, e-KYC, and e-contracting frameworks.
These reforms have had a tangible impact, with the number of new investors on the Egyptian Exchange (EGX) jumping from 25,000 to 350,000 annually over the last three years. The new digital onboarding systems have also allowed individuals as young as 15 to open investment accounts, promoting early financial market participation.
Building a Tech-Forward Economy
The government’s ambition extends to creating specialized financial and technology zones. This strategy is built on three key pillars:
- Legal Framework: Establishing an internationally aligned legal structure to attract venture capital.
- Green Infrastructure: Developing green data centers on Egypt’s northern coast, powered by renewable energy and leveraging the 21 submarine cables passing through the Suez Canal.
- Local Talent: Localizing the software industry and training Egyptian talent in mathematics and physics to drive innovation in artificial intelligence.
Visa’s Expanding Footprint in Egypt
Visa executives affirmed their commitment to increasing investment in Egypt. The company’s Cairo office has grown to over 130 employees and serves as a strategic hub for North Africa, the Levant, and Pakistan.
The payments leader expressed strong interest in contributing to the TradeTech Sandbox, framing it as a key part of its role as a strategic partner in Egypt’s digital transformation. Visa also pointed to its ongoing local initiatives, such as the Citizen Card project in Port Said and the Digital Villages initiative supporting micro-enterprises.
About Visa
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Its mission is to connect the world through the most innovative, convenient, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive.
Source: Zawya
