(3 minutes read)
- Egypt aims at increasing the Artificial Intelligence’s (AI’s) contribution to the GDP to 7.7 percent by 2030
- This is revealed by the Information and Decision Support Center (IDSC) in its newly-issued report titled “Visions on Road to Development”
- The comprehensive report aims to analyze the challenges facing the private sector in financial technology services
- The report explains efforts of the Egyptian government to facilitate the integration of innovative technologies into financial services provision as part of Egypt Vision 2030
Egypt aims at increasing the Artificial Intelligence’s (AI’s) contribution to the GDP to 7.7 percent by 2030. This is revealed by the Information and Decision Support Center (IDSC) in its newly-issued report titled “Visions on Road to Development”. The comprehensive report aims to analyze the challenges facing the private sector in financial technology services.
The report explains efforts of the Egyptian government to facilitate the integration of innovative technologies into financial services provision as part of Egypt Vision 2030. The Central Bank of Egypt (CBE) launched Fintech and Innovation integrated strategy in March 2019 along with establishing a Fintech Hub. The central bank also allocated funds to finance investments in innovation in financial technology in 2019. According to the Arab Monetary Fund’s (AMF), Egypt leads nine Arab countries in terms of electronic payment services and digital wallets. The North African country also acquired 25% of the Middle East’s financial technology deals in 2019.
In the meantime, Egypt’s National Telecom Regulatory Authority (NTRA) moved up in the ranking of Mobile Money Regulatory Index by 43 places. This ranking is done by the GSMA. The financial technology industry in the Middle East has registered revenues upwards of US$337 million between 2015 and 2019.
