Egypt's American University Venture Lab, which is based in Cairo, has announced a collaboration with Temenos, the banking software company, which will see them both looking to work towards strengthening and accelerating Cairo's FinTech startups ecosystem. As part of the collaboration, Temenos will provide startups with access to their core banking solution to be used as their development environment.
Temenos and AUC Venture Lab will also collaborate on events and other community-building activities.
“We are excited to be working with the AUC Venture Lab in accelerating and empowering digital innovation in Egypt. The Egyptian market is currently in an ideal position to take advantage of a rich fintech ecosystem that will help drive digital transformation across the banking industry. At Temenos, we are proud to help make this a reality and deliver value to the growing number of Egyptian banks, which take advantage of our solutions and our partnerships with leading fintech firms both globally and regionally. Innovation is part of our DNA and the Temenos MarketPlace was founded on the notion of bringing together banks and fintechs in a win-win situation. I am optimistic that our partnership with AUC Venture Lab will continue to foster the spirit of innovation in Egypt and help to pave the way for fintech startups for years to come,” said Jean-Paul Mergeai, Regional Director for Middle East & Afrika at Temenos.
Pushing FinTech in Egypt forward
A very important part of the collaboration is that Temenos will provide a sandbox service to the FinTech startups utilizing the AUC Venture Labs accelerator. This sandbox, a non-production cloud-based version of the Temenos T24 core banking system, will enable startups to integrate their solutions with banking data and functionality as well as to test them for scalability and robustness. It will also allow them to plug into the 11 major financial institutions in Egypt already running Temenos T24.
“The emerging fintech space in Egypt has the potential to transform the industry and expand access to financial services in one of the largest regional markets. At AUC Venture Lab, we understand the technological challenges that fintech startups face. Our partnership with Temenos responds to this challenge by offering our startups an exclusive opportunity to build their products on the Temenos platform and to accelerate their development cycle. This contributes to the faster rollout of new innovative products and services to the Egyptian market,” said Ayman Ismail, Abdul Latif Jameel Endowed Chair of Entrethe preneurship at AUC's School of Business and Director of AUC Venture Lab.
It is encouraging to see a collaboration between a University's technology and innovation hub for startups and innovators with a private company. This will undoubtedly offer the innovators and FinTech startups in Egypt to work, first hand, with banking systems that are used in the real world and thus offering them valuable experience and an opportunity to add value.
Cover image credit: AUC Venture Lab at the American University in Cairo.