ALEXBANK participates in the “FinYology”
As part of its strategy towards developing Financial Technology “FinTech”, ALEXBANK celebrated the winners of the pilot phase of the FinTech initiative “FinYology - Fintech for Youth” that was organized by FinTech Egypt -an affiliate of the Central Bank of Egypt (CBE)- and in collaboration with The Egyptian Banking Institute (EBI). The initiative aims to discover and support young talents to grow the Egyptian FinTech Ecosystem by fostering young talents and inspire university students of different related majors to conduct FinTech Projects and innovative solutions, as part of their curricula’s graded courses.
In accordance with the CBE’s National FinTech and Innovation strategy, ALEXBANK joined the initiative in its first pilot run in 2020, and continued its participation through the second phase. This comes in line with ALEXBANK’s strategy to complement government efforts aiming to accelerate financial inclusion, by enabling the emergence of innovative FinTech solutions, which became a necessity in today’s world.
The digital closing ceremony for the end of the 2nd cycle was attended by ALEXBANK’s senior representatives, along with Mr. Rami Abul Naga, CBE Deputy Governor, Eng. Ayman Hussein Sub Governor Business Technology Sector at CBE, Ms. Rasha Negm Assistant Sub Governor Fintech and Innovation at CBE, Mr. Abdelaziz Nossier, Executive Director at EBI along with universities' professors, banks' executives and participating students.
ALEXBANK, as a leading participant in the FinYology program, took part in the judging process for selecting the winning group. Additionally, ALEXBANK provided internship programs for one semester for students of the winning team to receive training in the digital banking department facilitated by a dedicated mentor with extensive expertise for each student, with the focus on transferring the knowledge to them.
“ALEXBANK realizes the importance of growing innovative FinTech solutions, providing its contribution to the collective efforts aimed at driving Egypt towards a cashless society. Our participation in this program comes to affirm ALEXBANK’s previous successes in FinTech entrepreneurship initiatives, following CBE’s direction and strategy towards building a sustainable FinTech ecosystem to speed up the achievement of a full financial inclusion,” stated Mr. Dante Campioni, Managing Director & CEO of ALEXBANK.
Mr. Rami Abul Naga - Deputy Governor of the Central Bank of Egypt stated that: "The initiative comes within the framework of implementing the directives of H.E. the President of the Egyptian Republic to support the youth and encourage innovation as one of the pillars to achieve the sustainable development goals of Egypt’s Vision 2030. The Central Bank of Egypt is aiming to endorse young talents through “FinYology-FinTech for Youth” initiative, as part of the deployed efforts of the financial technology and innovation strategy, wherein fostering the young talents is a fundamental pillar for its success and for the advancement of financial technology and financial inclusion in Egypt”.
Eng. Ayman Hussein, Sub Governor of Information Technology Sector, stated that: “Launching the “FinYology-FinTech for Youth” initiative stems from the ambitious aspiration of the Central Bank of Egypt that targets the future expansion of courses and academic specialization of financial technology in various universities, with the aim of keeping pace with the significant and successive evolutions witnessed within this vital industry, through fostering FinTech and innovation in the Egyptian market, and increasing the talent pipeline across the young generations to the Egyptian market, while nurturing their ideas and projects”.
It is worth noting that ALEXBANK signed a partnership agreement with Startup-bootcamp (SBC) and Pride Capital in 2019 to help foster a better ecosystem for entrepreneurs to thrive in the FinTech space. The partnership sustained the first graduating cohort of 11 Egyptian startups.