Banque Misr signed on Sunday, July 4th, 2021 a Memorandum of Understanding (MoU) with Microsoft Egypt to launch the first open innovation programme in the Egyptian market to be a significant boost to the growth of start-ups, particularly working in the field of financial technology. Mr. Akef Al-Maghraby, Vice Chairman of Banque Misr, signed the memorandum of understanding with Mr. Ahmed Abdellatif, Regional Partner Manager of Microsoft Egypt and the Middle East, where a number of distinguished leaders were present from both sides.

The collaboration between Banque Misr and Microsoft aims to enable start-ups to ushering into a digital society based on digital technology, enhancing the capabilities of those corporations operating in the field of financial technology (fintech) and entrepreneurs, as well as supporting the business environment through establishing a participatory innovation centre for financial technology and development financial, digital services and solutions in cooperation with start-ups.

Signing of this protocol comes within the framework of Banque Misr’s eagerness to support digital transformation efforts by providing electronic solutions to facilitate for customers, where the bank believes that digital transformation has become a vital stage in the global and local economy, especially in light of the emergencies imposed by the corona pandemic worldwide that stimulated the use of digital platforms. Ultimately, Banque Misr expanded in providing a large number of digital services to its customers, in addition to launching the first digital bank in the Egyptian market.

According to the agreement, start-ups will leverage on Microsoft’s partners network where by Banque Misr can target the best start-ups according to agreed criteria both on the local and the emerging markets, and based on Microsoft's reach. In addition to providing investments to cover the cost of the Year One acceleration through an accelerator of Microsoft’s choice with proven track record in markets with same geo-economics landscape. In addition to that, bringing up to date version of Microsoft’s global start-up program “Microsoft for Startups” with its latest incorporated perks for the eligible start-ups participating in project.
 
Microsoft will support the selected start-ups to scale and grow through on boarding solutions to Azure Market Place that has more than four million active users by leveraging on Microsoft Partner Network for start-ups, and providing support through various internal Microsoft programs.

Mr. Akef Al-Maghraby, Vice-Chairman of Banque Misr, said, “Banque Misr is a leading financial institution in the field of digital transformation, and the Bank is taking firm steps in this direction. Banque Misr’s announcement on the launch of this innovation program will definitely allow for a larger and profound integration between the bank and the start-up side by side. Considering it to be a unique program in the Egyptian market, the program focuses on the cooperation of institutions with start-ups in order to create a fertile environment for innovation with ultimate benefits. This leads to a significant boost to the growth of start-ups while elevating their prospects for success. The program also aims to supporting start-ups to improve opportunities and speed of access to new customers, and it will provide the opportunity for entrepreneurs to benefit from technical expertise in the financial and banking sectors, in addition to opportunities to participate in building new products and attain financing opportunities.”

Mr. Ahmed Abdellatif Regional Manager at Microsoft Egypt and Middle East said: “Start-ups play a vital role in driving a country’s digital economy. They have the ability to be creative and innovative, bringing new ideas to life. This is very important in a country like Egypt, because with an increase in population and access to technology, it represents a vast pool of untapped potential.”

“We are committed to establishing partnerships that will foster growth and sustainability for startups in Egypt, and we are pleased to partner with Banque Misr in this vital project. This will enable us to provide more support to entrepreneurs in the field of financial technology, and we will be able to provide them with the latest technological tools that start-ups need in order to scale and succeed in the digital economy”. Abdellatif added.
It is worth mentioning that MENA countries have increased their focus on entrepreneurship and start-ups in an attempt to diversify economies and drive growth and innovation. As a start-up hub in the region, Egypt works to support entrepreneurs and encourage startups to launch and growth their businesses in a supportive environment.

Egypt is one of the four largest start-up countries in the African continent, along with Nigeria, Kenya, and South Africa. Egypt ranked first in the number of investment deals in emerging technology companies, reaching 86 deals in 2020, according to IDSC report. The volume of investment deals in Egypt increased by about one third in 2020 compared to 2019, and their number also increased by 83%. Egypt also ranked third in total stock deals, with investments amounting to $269 million.

Banque Misr always seeks to launch innovative technological banking solutions and services for its customers in a way that contributes to saving time and effort on customers, enhancing the excellence of its services, maintaining its long-term success and actively participating in services that meet the needs of its customers, where the bank’s corporate values and strategies always reflect its commitment to sustainable development and prosperity for Egypt.