Financial Technology in Egypt
Evolution in the Financial TechnologyOmar Krakiry
The sector appeared to provide modern and innovative financial services linked to technology, which is known as the (Fintech) or companies (Financial Technology), a revolution in the way to work in the banks.
«The technology in an era based on information and knowledge-based economy is no longer showing a complementary but has become a key requirement of the requirements of the existence and success» said by Minister of Finance Emirati Younis Haji Al Khouri in the Financial Technology Summit.
*This gives an answer to what is witnessing the world of entrepreneurship from the growth of the financial technology sector Middle East during the last decade.
If we went to Egypt, We find that they began to strengthen and help the ideas and their own financial technology through incubators of those ideas, including the “1864 Accelerator” in cooperation with Barclays Bank and also “AUC Venture Lab” in cooperation with the Bank (CIB).
However, the rapid growth of financial technology only it is in Egypt away somewhat from this growth because of the limited number of applications that serve the financial technology sector in Egypt.
My opinion Comes reasons for the small number of projects that provide related technology, financial services is that the location of the payfort report said the spread of credit card rate in Egypt 10 % more than in spite of the large population and this makes the financial technology sector, slow growth rate and also the website said in his report that the payment on delivery rate 51% as the best way to pay when shopping online and came from that shoppers Egyptians rate was 91% which gives meaning and impression fearfully Egyptian shopper to use their credit cards in the payment even though it said in a report by 26%.
* Financial technology applications in the Egyptian market:
If we look at applications already in place in Egypt, we find that their number is very limited, including:
1. Application “DO PAY” :
Is the first application provides financial technology services in Egypt, where it offers solutions and integrated applications through the Internet helps owners and business managers on their staff wages account and paid electronically and can who have no bank accounts staff to get paid through a bank is accompanied by account card Dopay Debit addition to the possibility of follow-up account movements and transfer money through mobile phone applications for employees.
2-Application “PAY Me” :
Is the application of the process of payment where the customer open the application and scans the service code when the seller or the service provider and after the seller data appears specifies the value of the transaction and confirm the operation using the No. special secret to each client for the transfer of funds to the account of the seller and the application can be used in many purposes such as the purchase of products e-shopping sites, and the payment of drinks and seafood restaurants and cafes bills.
Finally, we find that the financial technology market in Egypt is hungry market for many of the ideas that are working on the existence of electronic payment solutions in an easy way, secure, and this is also in line with the new Central Bank of Egypt’s policy in dealing with the cards of credit instead of a cash deal … and this gives a good impression of the existence of the evolution in the financial technology in Egypt, albeit slowly.