CBE celebrates winners of ‘FinYology – FinTech for Youth’ Initiative

Daily News Egypt
4 Min Read

FinTech Egypt, an affiliate of the Central Bank of Egypt (CBE), has organised a virtual closing ceremony to celebrate the awarded university students participating in the “FinYology-FinTech for Youth” initiative.

The initiative was launched in February 2020 with the objective of fostering young talents and inspiring university students of different related majors to conduct financial technology (FinTech) projects and create innovative solutions as part of their curricula’s graded courses.

It took place with the participation of representatives from the CBE, participating banks and universities, with winning groups from each university were awarded.

The participation of the distinguished talents was presented through the projects that meet the current demands and needs of the Egyptian banking and financial market.

Rami Aboul Naga, Deputy Governor of the CBE, said, “The initiative comes within the framework of implementing the directives of President Abdel Fattah Al-Sisi to support youth and encourage innovation as one of the pillars to achieve the sustainable development goals (SDGs) of Egypt’s Vision 2030.”

He added, “The CBE aims to endorse young talents through the ‘FinYology-FinTech for Youth’ initiative, as part of the deployed efforts of the fintech 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.”

Ayman Hussein, Sub Governor of Business Technology Sector at the CBE, said, “Launching the ‘FinYology-FinTech for Youth’ initiative stems from the ambitious aspiration of the CBE that targets the future expansion of courses and academic specialisation 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.”

Students from the American University in Cairo (AUC), the German University in Cairo (GUC), New Giza University, the Arab Academy for Science, Technology and Maritime Transport in Cairo (ASTMTC), and the Nile University participated in the initiative.

The students are studying in the majors of entrepreneurship and innovation, finance, computer science, and computer engineering, and will be continuing their studies in the second semester of the 2019/2020 and the first semester of 2020/2021 academic years.

The initiative included a number of information sessions related to fintech, which were held by the CBE in collaboration with the Egyptian Banking Institute (EBI).

The sessions took place to educate over 600 students from the universities who participated in the initiative, either in-class or remotely to combat the repercussions of the novel coronavirus (COVID-19) pandemic.

Participating banks include: the National Bank of Egypt (NBE); Banque Misr; ALEXBANK; QNB Al-Ahly; the Export Development Bank of Egypt (EBE); Emirates NBD; and the Al Ahli Bank of Kuwait-Egypt.

The banks have provided mentorship and assistance to participating students during the development of their FinTech ideas and projects, while providing guidance in the possibility for their implementation, development, and future expansion.

The banks also provided physical and virtual summer training programmes for the winning groups to develop and cultivate their expertise and skills.

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