Egypt’s CIB to launch FinTech fund
Recently, an increasing number of governments and companies in the Middle East and North Africa have shown an interest in FinTech startups. Many have either invested in them, acquired them, or have launched a fund in order to invest in them. The growing appetite in the region is understandable, as FinTech startups have the ability to transform the financial services sector overnight with their products and services, something that would be both beneficial to companies and governments if executed correctly.
Egypt’s Commercial International Bank (CIB) is the latest company to launch a brand new venture capital arm, called CVentures. Mr. Ashraf Shash, Head of Direct Investment Group, CIB and Vice Chairman of CVentures, said that with this venture capital arm, “CVentures is in line with international common practice amongst major banks, where the adoption of win-win collaboration models with startup communities has ultimately served customers better.” Learn more about the latest FinTech corporate venture capital arm and its purpose here.