Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund
Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country’s fintech companies. According to a report, this fund is expected primarily to target the digital banking and financial services sector. Fintech Apps Targeted Fintech apps that can extend banking and financial services to all segments of society in a cost-effective way will also be targeted. So far, only the National Bank of Egypt, Banque Misr, and Banque du Caire have been identified as the financial institutions that are participating in this initiative. ....
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Moneyfellows, an Egyptian fintech startup specializing in digitizing money circles, recently announced the close of its Series B funding round that raised $31 million. The funds will be used to finance Moneyfellows’ expansion into other markets as well as accelerate the fintech’s growth. Diversifying Moneyfellows’ Portfolio Egyptian fintech startup Moneyfellows recently revealed it had raised $31 million from its Series B funding round which was led by Commerz Ventures, Middle East Venture Partners (MEVP), and Arzan Venture Capital. Also participating in the round were....
The Egyptian pound recently became the latest currency from the African continent to see its value versus the greenback slump to a record low. The pound’s fall came amidst reports suggesting the Egyptian government is hoping to strike a loan deal with the International Monetary Fund (IMF) within a month or two.
Egyptian Pound Still Overvalued
The Egyptian pound has become the latest African currency to depreciate to a record low versus the U.S. dollar, after it slipped to an exchange rate of 19.6736 for every greenback on October 4. Before this, the currency’s....
Private equity firm BnL Growth Partners has joined a multi-million dollar fund to facilitate blockchain advances for smaller finance institutions in Europe. BB Fund is a ‘Huge Opportunity’. BnL, formed by ex-specialists from tech giant IND Group, will administer the Banking On the Blockchain (BB) Fund as “lead partner” along with the fund’s creator,....
The Ripple Consensus Protocol has introduced multi-sign option to prevent unauthorised fund international fund transfer between banks by hackers. Ripple, the blockchain based fintech services platform, has announced new developments that can protect banks from hacking incidents. The development comes amidst growing thefts against multiple banks across the world. Ripple’s solution for secure transactions involves the introduction of multi-sign feature to the Ripple Consensus Ledger. The thefts were conducted by hackers who gained unauthorized access to the banks computers and used these....
After authorities in Egypt announced the adoption of a more flexible exchange rate regime, the pound exchange rate versus the U.S dollar plunged to 23.09:1, a new low for the currency. Cairo’s apparent devaluation of the Egyptian pound met a key condition set by the International Monetary Fund (IMF) before it eventually approved a $3 billion bailout package for Egypt. The IMF’s Key Condition A report has said that the official exchange rate of the Egyptian pound versus the U.S dollar plunged by 15% to 23.09 per dollar after the central bank announced the adoption of a more....