Latest news with #Entlaq
CairoScene
16-04-2025
- Business
- CairoScene
Aurora Tech Awards 2025 Puts Women-Led Startups on the Global Stage
Aurora Tech Awards 2025 Puts Women-Led Startups on the Global Stage The awards brought together ten global finalists to pitch their ventures, with Egypt's Salma Medhat earning special recognition for her personal safety platform, Hiryo. The 2025 edition of the Aurora Tech Award in Cairo put the spotlight on women-led tech startups from around the world. Organised by ride-hailing platform inDrive and held in partnership with Entreprenelle's SHE CAN conference, the event featured a global finale that welcomed ten finalists selected from over 2,000 applications submitted across 116 countries. From April 11th to the 13th, finalists pitched their ventures to a jury comprising investors, public sector representatives, and business operators, competing for financial support and access to global networks. Alongside the monetary prizes, the event aimed to facilitate connections between founders and potential strategic partners and investors. During the event, inDrive also announced a partnership with Entlaq, a startup enabler in Egypt. The collaboration is intended to support early-stage ventures through mentorship, infrastructure, and access to capital, reinforcing efforts to grow the local entrepreneurship ecosystem. Among the highlights was the recognition of Salma Medhat, founder and CEO of Egyptian startup Hiryo, who received a Special Recognition Award. Hiryo is a personal safety platform that allows users to share real-time updates in public spaces, promoting transparency and accessibility. Medhat's selection marks a notable local presence within the wider international competition. Award winners included: First Place ($30,000): Solape Akinpelu (Nigeria) – HerVestA fintech platform providing African women—especially smallholder farmers—with access to savings, credit, and investment opportunities. Second Place ($20,000): Loretxu Garcia Arraztoa (Chile) – Nido ContechThis startup creates nature-based construction materials to reduce environmental impact and cost. Third Place ($15,000): Shreya Prakash (India) – FlexiBeesA platform connecting experienced women professionals with businesses seeking flexible and remote talent. Fourth Place ($10,000): Laura Velásquez Herrera (Colombia) – Arkangel AIAn AI-powered SaaS platform enabling early detection of preventable diseases, transforming medical data into AI algorithms without requiring coding expertise. Fifth Place ($10,000): Leonie Korn (Switzerland) – UpLeapAn AI platform designed to enhance medical education through interactive simulations.
Al-Ahram Weekly
26-02-2025
- Business
- Al-Ahram Weekly
Egypt fintech sector expands fivefold in 5 years: Report - Markets & Companies
Egypt's fintech sector has skyrocketed by a staggering 5.5-fold increase over the past five years, now boasting an impressive 177 startups, according to FinTech Landscape Report. The report, issued by Entlaq, a Cairo-based research and consulting centre in partnership with the Netherlands Enterprise Agency (RVO) and the Dutch Embassy in Egypt, provides an overview of the unprecedented growth of fintech (financial technology) in the Egyptian market. According to the report, Egypt ranked 10th among emerging markets worldwide and achieved a remarkable 12 percent growth rate. The report was unveiled at an event hosted by the Dutch embassy. Influential leaders attended, including Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI); Mohamed Farid, chairman of the Financial Regulatory Authority (FRA); and international fintech leaders. Breakthroughs in digital payments, lending platforms, and B2B marketplaces have powered the fintech surge. Proactive government policy interventions, including the monetary system inclusion and digitization, nurtured this surge further. The report shows a 70.7 percent increase in financial inclusion rates, reflecting heightened adoption of prepaid debit cards and growing trust in digital services nationwide. Youth at the forefront! The report casts Egyptian youths as the architects of the fintech revolution, with just over 60 percent of the nation's population under 30. This vibrant, tech-native sector — led by Gen Z and millennials — rewrites the rules of engagement with financial services, seamlessly blending their digital fluency with a steep appetite for innovation. Their brisk embrace of mobile-first solutions and digital marketplaces has ignited a fintech breakthrough. Gen Z's influence extends beyond adoption, reshaping the financial ecosystem. From the meteoric rise of digital wallets to peer-to-peer lending platforms, Egypt's youth have made fintech a cornerstone of their lives, driven by a desire for convenience, transparency, and control over their financial transactions. This demographic edge is supported by government initiatives to foster digital transformation. Programmes such as the FRA's sandbox framework and NilePreneurs empower young entrepreneurs to realize their dreams. Egypt fintech evolution Egypt's fintech evolution reflects years of strategic planning and investment. The Central Bank of Egypt (CBE) has spearheaded initiatives like the FinYology programme, launched in 2020, to nurture young talent and drive innovation. With over 7,400 students contributing to 600 fintech projects across 30 universities, these efforts have paid it forward. Recent and consecutive wins at the Dubai-based Arab FinTech Challenge, including Cairo University's 2024 victory with EZRAALI, an agri-fintech application, stress the country's deeply engaged budding pioneers and passion for fostering financial innovation and early entrepreneurial involvement. The burgeoning startup culture, incubated by accelerators like AUC Venture Lab, reflects the aspirations of a generation determined to lead Egypt into a new financial era. Egypt tech-savvy youth! Dutch Ambassador Peter Mollema described the fintech ecosystem as a 'catalyst for resilience and innovation,' emphasizing Egypt's tech-savvy youth as its greatest asset. For his part, FRA Chairman Mohamed Farid highlighted recent regulatory advancements, including the sandbox framework and SPAC initiatives, as further documentation of Egypt's steadfast commitment to bolstering fintech innovation. Gen Z's role is greatly magnified by their inherent adaptability and tech-savviness, which has enabled them to leapfrog outdated financial systems and embrace cutting-edge tools. Hurdles to Egypt's fintech growth The report's findings, however, also show the challenges that hurdle Egypt's fintech growth. With growing threats over cybersecurity vulnerabilities, Egypt's fintech ecosystem faces heightened risks tied to the rapid digitization of financial services. Regulatory gaps in data protection and privacy compliance, compounded by increased cyberattacks targeting financial platforms, affect consumer trust and sector stability. Pervasive gaps in digital literacy underscore aggravated inequities in access. The uneven sprawl of broadband infrastructure, particularly in rural regions, only compounds the divide. Meanwhile, the volatility of the Egyptian pound and a restrained influx of international capital weigh heavily on the ecosystem's ambitions, threatening to dampen the momentum of the fintech sector. Way out! The report called for strategic broadband infrastructure development in underserved regions like Upper Egypt and Sinai. Another priority is encouraging collaboration between startups and banks and leveraging banks' compliance structures to enable swift market entry for fintech. With strong government support and steadily increasing international investment, Egypt's fintech sector is aptly positioned to lead the region in financial inclusion and digital innovation. The report provides a clear roadmap for overcoming challenges while harnessing the industry's immense potential, propelled by the visionary energy of a rising generation. Follow us on: Facebook Instagram Whatsapp Short link:
CairoScene
26-02-2025
- Business
- CairoScene
Egypt's Fintech Sector Grew Fivefold in Five Years
Egypt's Fintech Sector Grew Fivefold in Five Years A new report from Entlaq, in partnership with the RVO and the Embassy of the Netherlands in Egypt, highlights this growth. Egypt's fintech sector has grown 5.5 times over the past five years, driven by digital payments, lending, and B2B marketplaces, according to a new report from Entlaq. The report was launched in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt. Government initiatives and the Fintech & Innovation Strategy have contributed to this rapid expansion, though regulatory hurdles, digital literacy gaps, and cybersecurity risks remain significant challenges. 'Fintech is more than just technology; it's about empowering people and businesses with the financial tools they need to succeed in a digital world,' said Peter Mollema, Ambassador of the Kingdom of the Netherlands in Egypt. 'As the landscape report reveals, the rapid growth of Egypt's fintech sector presents a great opportunity to drive financial inclusion, economic resilience, and digital innovation.' With over 177 fintech startups and payment service providers now operating in Egypt, the country has become a regional player in digital financial services. The 5.5-fold growth points to increasing investor confidence, shifting consumer behaviour, and a demand for more accessible financial tools. The report highlights how regulatory frameworks, public and private sector moves, and rising consumer adoption are shaping this transformation. Omar Rezk, Co-founder and Managing Director of Entlaq, described the sector as being 'at a pivotal moment of transformation.' While he acknowledged challenges related to regulation, digital literacy, and cybersecurity, he noted that 'this report provides invaluable insights for policymakers, entrepreneurs, and investors looking to navigate and thrive in Egypt's dynamic financial technology landscape.' Egypt's fintech boom signals a major shift in how financial services are accessed and used, but its long-term success will depend on how well it addresses regulatory gaps and infrastructure challenges.
Wamda
25-02-2025
- Business
- Wamda
Egypt's fintech sector surged fivefold in five years, Entlaq report reveals
Egypt's fintech sector has expanded 5.5 times in the past five years, driven by digital payments, lending, and B2B marketplaces, according to Entlaq's latest report, which was launched in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt. Government initiatives and the Fintech & Innovation Strategy are fostering financial inclusion and digital transformation. According to the report, regulatory complexities, digital literacy gaps, and cybersecurity risks remain key obstacles to sustainable growth. Press release: Entlaq, in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt, is proud to announce the launch of an insightful and data-driven Fintech Report that highlights Egypt's rapidly evolving financial technology landscape. The report provides a strategic overview of the sector, analysing its growth potential, key market trends, challenges, and opportunities for both local and international stakeholders. The event was hosted at the embassy and featured notable speakers, including H.E. Mr. Hossam Heiba, President of GAFI; H.E. Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA). Followed by an expert roundtable discussion titled "Scaling Fintech in Egypt: From Startups to Global Impact', this insightful session brought together Ahmed Yehia, CEO of FinTech and Digital Lifestyle, e& Egypt; Ahmed Wady, CEO of Money Fellows; Mohamed Mounir, Deputy CEO of valU; Mohamed Ehab, CEO of Entlaq ; and Ahmed Khalifa, Executive Director, Regulatory Sandbox & Chief Data Officer. The discussion was moderated by Karima El Hakim, Country Director of Plug & Play Egypt. 'Fintech is more than just technology; it's about empowering people and businesses with the financial tools they need to succeed in a digital world. As the landscape report reveals, the rapid growth of Egypt's fintech sector presents a great opportunity to drive financial inclusion, economic resilience, and digital innovation. This report highlights both its huge potential and the challenges ahead. Fintech also opens new doors for women, enabling greater access to financial services, entrepreneurship, and economic independence. We, as the Netherlands, are proud to support this journey by fostering collaboration, sharing expertise, and strengthening partnerships. Together, we can drive financial inclusion, innovation, and sustainable economic growth for all."- Peter Mollema , Ambassador of the Kingdom of the Netherlands in Egypt. With over 177 fintech startups and payment service providers shaping Egypt's financial ecosystem, the country has emerged as a regional leader in digital financial services. The Fintech Report comprehensively examines the factors driving this transformation, including regulatory frameworks, public and private sector initiatives, and the increasing demand for digital financial solutions among Egypt's youthful and tech-savvy population. Speaking on the launch, Omar Rezk, Co-founder and Managing Director of Entlaq, stated, 'The economic impact of fintech in Egypt has been substantial. Egypt's fintech sector is at a pivotal moment of transformation. With a 5.5-fold increase in fintech companies over the past five years, driven by lending, digital payments, and B2B marketplaces, Egypt has solidified its position as a leading fintech hub in the MENA region. This report not only highlights the immense potential of the industry but also identifies key challenges such as regulatory complexities, digital literacy gaps, and cybersecurity concerns that must be addressed to ensure sustainable growth. We believe this research provides invaluable insights for policymakers, entrepreneurs, and investors looking to navigate and thrive in Egypt's dynamic financial technology landscape.' The report also provides a deep dive into the policy and regulatory landscape, detailing the Fintech & Innovation Strategy and government initiatives that are fostering financial inclusion and digital transformation. These policies aim to create a more conducive environment for startups and investors in the fintech space. Despite these advancements, the sector faces challenges such as regulatory complexities, digital literacy gaps, and cybersecurity concerns. Addressing these issues is critical to sustaining growth and ensuring that fintech solutions reach underserved communities across the country. On a more positive note, opportunities for further fintech expansion, investment, and innovation abound. With increased access to funding, support from international development agencies, and rising consumer adoption of digital financial services, Egypt's fintech ecosystem is well-positioned for continued success. Additionally, the report offers strategic recommendations for governments, international organisations, investors, and startups. These insights are designed to help stakeholders collaborate effectively in accelerating fintech growth and sustainability in Egypt.
Egypt Today
24-02-2025
- Business
- Egypt Today
Entlaq, Dutch Embassy launch report on Egypt's fintech growth & challenges
CAIRO - 24 February 2024: Entlaq, in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt, has launched a comprehensive Fintech Report analyzing Egypt's rapidly evolving financial technology sector. The report highlights key market trends, growth opportunities, and challenges shaping the industry, positioning Egypt as a regional fintech leader. The report launch took place at the Dutch Embassy in Cairo, featuring key speakers such as Hossam Heiba, President of GAFI, and Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA). An expert roundtable discussion, titled 'Scaling Fintech in Egypt: From Startups to Global Impact,' gathered industry leaders, including Ahmed Yehia (e& Egypt), Ahmed Wady (Money Fellows), Mohamed Mounir (valU), Mohamed Ehab (Entlaq), and Ahmed Khalifa (Regulatory Sandbox). Peter Mollema, Ambassador of the Netherlands in Egypt, emphasized the role of fintech in driving financial inclusion and digital innovation, particularly for women entrepreneurs. 'The rapid growth of Egypt's fintech sector presents a great opportunity to empower people and businesses, enhance economic resilience, and expand access to financial services,' he stated. For his part, Omar Rezk, Co-founder and Managing Director of Entlaq, highlighted the sector's transformation, stating, 'Egypt is at a pivotal moment, and while opportunities abound, addressing regulatory hurdles and digital literacy gaps is essential for sustainable growth.' According to Rezk, with over 177 fintech startups and payment service providers, Egypt's fintech landscape has seen a 5.5-fold increase over the past five years, driven by digital payments, lending, and B2B marketplaces. However, the sector faces challenges such as regulatory complexities, digital literacy gaps, and cybersecurity concerns. 'We believe this research provides invaluable insights for policymakers, entrepreneurs, and investors looking to navigate and thrive in Egypt's dynamic financial technology landscape,' he added. The report offers strategic recommendations for policymakers, investors, and startups, emphasizing the need for collaboration to accelerate fintech expansion. With rising consumer adoption, government-backed initiatives, and international investment, Egypt's fintech sector is well-positioned for continued success.
