Egyptian Financial Regulatory Authority Introduces Corbeh at RiseUp Conference '23
In a significant move, venture capital firm Impact46 has invested $6.6 million across five gaming studios in Egypt. Meanwhile, the Egyptian Financial Regulatory Authority (FRA) and the Egyptian Exchange (EGX) have launched a technology innovation hub named Corbeh. This hub is designed to support and foster tech-driven startups focused on the Egyptian capital market.
Corbeh, an integrated technology innovation hub, is aimed at promoting financial technology (fintech) innovations and enhancing the efficiency and inclusiveness of Egypt's capital markets. As an innovation hub and sandbox for the nonbank financial sector, Corbeh provides a safe environment for startups to test new ideas, technologies, and business models.
The primary purpose of Corbeh is to accelerate the development and adoption of technology solutions tailored to the needs of the Egyptian capital market. It supports startups with resources, mentorship, regulatory guidance, and access to market players, creating conducive conditions for sustainable growth. Corbeh also acts as a platform that brings together regulators, market operators, fintech innovators, and investors to drive collaboration and innovation in financial services.
Rami El-Dokany, Executive Chairman of the Egyptian Exchange (EGX), has encouraged startups to invest in the Egyptian stock exchange and use its trading platforms. The FRA is focused on the role of financial technology in the sustainable spread of nonbank financial products and is working towards enhancing the role of the nonbank financial sector in the Egyptian economy.
In addition, the FRA is introducing financial and insurance solutions to support business development and expansion. Notably, Flat6Labs has restructured under a new entity called F6 Group, with a dedicated VC arm named F6 Ventures.
Interested startups can apply through Corbeh's website to be part of this dynamic ecosystem. Recently, Breadfast, a local startup, has raised $10 million as part of Series B2, with a valuation nearing $400 million. This success story underscores the potential and opportunities that lie within Egypt's burgeoning tech and fintech landscape.
This initiative by the FRA and EGX reflects a strategic effort to modernize Egypt’s financial landscape, encourage entrepreneurship, and improve market transparency and accessibility through technology. As Corbeh continues to grow and evolve, it is poised to play a crucial role in shaping the future of Egypt's capital market.
Source: MB Staff (www.mubasher.info)
- Corbeh, the technology innovation hub launched by the Egyptian Financial Regulatory Authority (FRA) and the Egyptian Exchange (EGX), is not only aimed at promoting financial technology (fintech) innovations, but also at fostering tech-driven startups focused on the Egyptian capital market, especially those intends to enhance the efficiency and inclusiveness of Egypt's capital markets.
- The nonbank financial sector could benefit from the initiatives taken by the FRA, such as introducing financial and insurance solutions to support business development and expansion, as well as from the resources provided by Corbeh, which includes regulatory guidance, mentorship, and access to market players, creating conducive conditions for sustainable growth.
