Egypt - Apply for Fintech Innovation Fund

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Procedure

Apply Online

1. To apply for Fintech Innovation Fund, the applicant must navigate to the Contact Link
2. The applicant must read all the instructions carefully and click on the check box, and then on the “Follow-Up” button to continue.
3. The applicant will be directed to the required application form for the procedure.
4. The applicant has required to fill up the form correctly.
5. Refer to the “Required Information” section of this procedure to learn more about the details required.
6. The applicant is also required to upload the necessary documents required for the procedure.
7. Refer to the “Required Documents” section for this procedure for the same.
8. The applicant must enter the code and click on the “Submit the request” button.
9. The applicant has successfully applied for the fintech innovation fund.

Apply In-Person:

1. To apply for Fintech Innovation Fund in person, the applicant has approach the Central Bank of Egypt Contact link
2. Visit the Authority to obtain the application form.
3. Complete the application form correctly and then write a cover letter addressed to the Authority and indicate the activities of the company.
4. Then the applicant should obtain all the required supporting documents as mentioned in the “Required Documents” section below and attach the document and the cover letter to the completed application form in a single file.
5. Attach all the required information and before submitting your business proposal to the Secretariat for approval. in additional to the required documents, you should include financial statements for previous years which will give a true and fair view of your Business. Make sure you have used appropriate accounting policies that are supported by reasonable and prudent judgements and estimates, and that all International Accounting Standards which you consider to be appropriate have been followed.
6. Submit your application together with the Business proposal to secretariat for shortlisting and review of the Application form. The Management before selecting an applicant will ensure that the guidelines and principal of the authority were duly maintained and reported in accordance with the authority statutory.
7. Selected applicants will be approved and funds will be disbursed to the account provided by the applicant, and a memorandum of understanding will be signed between the Fintech Innovation Fund and Investee company.
8. The application is processed within 7 days.

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Required Documents

• Cover letter.
• Memorandum and article of association.
• Certificate of incorporation.
• Proof of investment.
• Documentary proof of capital to be invested.
• Registration certificate of the company OR certificate of incorporation.
• Copies of personal and company PIN (Personal Identification Number) if business is running.
• For renewals; audited accounts for previous 2 years and a certificate of tax compliance

Office Locations & Contacts

Central Bank of Egypt
Map. Address: 54 El Gomhoureya St. 11511,
Cairo Governorate, Egypt.
E-mail: [email protected];
Contact number of Central Bank of Egypt: 02 27702770.
Telephone: 16777.
Contact link

Eligibility

• Fintech companies in Egypt are eligible for this application.

Fees

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Validity

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e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

• The application is processed within 7 days.

Related Videos

Videos explaining the procedure or to fill the applications.
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websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

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e.g. The state office holds birth records since january 1908.

Required Information

• Financial technology company name
• Legal form
• Country of origin
• Incorporation date
• Date of commencement of work in the market
• Main Place of Business
• Company address
• Tax number
• Commercial Registry Number
• Full names of all owners / founders
• Website link
• Data of the responsible manager
• Name
• Phone number
• Email address
• Information of the contact person with the laboratory
• Name
• Job
• Phone number
• Email address
• Capital Value
• Capital Currency
• Source of capital
• The company's financial position (i.e. money received from investors).
• Financial institution
• The name of the financial institution
• Legal form
• Address
• The name of the responsible official (for example, CEO or Head of Innovation)
• The type of cooperation with the financial institution
• E-mail address
• Telephone number
• Correspondence address
• Data (application) of financial technology
• Explain your fintech trend
• Explain the exact direction
• Is the application submitted within the regulatory scope of the Central Bank of Egypt?
• Provide full details of the current regulatory challenges and constraints / what regulatory exemption are you seeking to present the proposed application in the laboratory?
• State the full details of the submitted application (full duty cycle) to be tested in the laboratory.
• Submit a feasibility study for the submitted application
• Merit criteria
• Explain how the presented application is innovative, and how it contributes to improving clients' access to technology-based financial services in the Egyptian market in an efficient manner
• Explain how the presented application is in the interest of the customers. (Whether directly or indirectly)
• Explain (challenges) the oversight that hinders the application of the application, and why do you need to join the laboratory?
• Explain how the submitted application is ready for testing in the laboratory, explain the presented work plan, and how it is a realistic plan that has been carefully developed and includes specific objectives, clear test parameters, tight benchmarking indicators, and success criteria that will ensure that it is deployed on a commercial scale in the Egyptian market after graduation successfully From the laboratory as well as demonstrating the existence of the necessary financial resources - including any existing funding or potential funding, the applicant intends to use it to develop and test their application within the laboratory.
• Explain how the presented application supports the achievement of digital transformation and financial inclusion goals in Egypt
• Test plan
• Explain the test objectives, and define key performance indicators that measure success.
• Mention information on the type of volunteer clients that will be included during the testing period of your application (for example: retail clients, banks, etc.), and how to contact them
• Determine the number of volunteer agents to be included in the lab. Provide some explanation to justify the number of clients required for testing.
• Explain the measures you will take to protect the rights of volunteer clients and keep their data confidential
• Indicate the parameters of the parameters (size and value) during the application testing phase in the laboratory
• Describe the main risks associated with the submitted application and define the precautionary measures and actions towards them
• Explain your plan to communicate with volunteer clients and the mechanisms to explain the application to these customers, which include disclosure of potential risks and providing all information related to the application.
• Explain the measures you will take to protect the rights of volunteer clients in all possible exit scenarios from the laboratory
• Describe your plan to launch the application in the Egyptian market after graduation from the laboratory

Need for the Document

• FinTech Innovation fund is a investment arm of central bank of Egypt to support innovative FinTech's and FinTech-enablers domains.
• Funding is one of the most important pillars of the Central Bank of Egypt’s strategy for financial technology and innovation, and the Central Bank is currently studying the creation of an investment entity to support innovation in the sectors of financial technology (FinTech) and the technology sectors that feed it (FinTech-Enablers) with a capital of 1 billion Egyptian pounds.
• It is proposed that it be established through the investment arms of some commercial banks.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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