ALEXBANK Signs a Memorandum of Understanding
ALEXBANK signed a memorandum of understanding with “El Gameya Information Technology Company” for financial technology (Fin-Tech) services, that specializes in managing and regulating rotating savings and credit association (ROSCA) through an innovative electronic application. With ALEXBANK’s support, El Gameya managed to successfully pass two stages of the CBE’s Fintech Sandbox regulatory framework, qualifying for the third phase (preparation phase (.
According to the MoU, ALEXBANK will provide El Gameya with many services that will help strengthen the company’s capabilities, ensuring an easier experience for customers using the application. This cooperation also includes organizing several workshops to improve El Gameya user experience and enhance the company’s development plans by jointly studying and exploring future collaborations between the two parties.
The signing ceremony was attended by Dante Campioni, ALEXBANK’s Managing Director & CEO, Amr Abou El-Azm, Chairman of the Advisory Board and Founding Shareholder of El Gameya and Ahmed Mahmoud, El Gameya Information Technology Company CEO, in addition to Tarek Salah, Head of Retail & SME Division and Ramy Taha, Head of Digital Banking and Marketing Division from ALEXBANK’s side, along with several representatives from both entities.
Dante Campioni, ALEXBANK’s Managing Director & CEO stated: "At ALEXBANK, we are keen on supporting Fin-Tech startups that contribute to financial and digital awareness and help achieve financial inclusion across all different segments, stemming from our belief that Fin-Tech has a great influence on speeding up the economic development worldwide. Our MoU with El Gameya confirms ALEXBANK’s support to innovative Fintech Companies capable of bringing multiple smart solutions to satisfy the growing demand of financial services in our vast market, supporting the CBE strategic vision towards establishing a state-of-the-art digital financial ecosystem and further contributing to the achievement of Egypt Vision 2030 targets.”
From his side, Amr Abou El Azm, Chairman of the Advisory Board and Founding Shareholder of El Gameya, stated: “The MoU signed with ALEXBANK is the first of a series of alliances and partnerships with financial and technological institutions that the company seeks to build in the coming period within the framework of its operational strategy and expansion plans in the Egyptian market, especially after the company’s success in attracting a large segment of customers over the past months.”
Ahmed Mahmoud Abdeen, Founder and CEO of ElGameya, added: “The partnership with ALEXBANK is an important milestone in the history of El Gameya, as it marks a new step towards the vertical expansion of the company within the state’s plan for financial inclusion, as well as a horizontal spread through the introduction of new Fin-Tech products in parallel with the bank’s radical digital transformation, since it’s the time to develop the idea of traditional saving groups in a seamless more effective method in collaboration with ALEXBANK.”