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The Arab Bank, one of the largest financial institutions in the Middle East, has launched its Fintech-focused corporate accelerator program, called “AB Accelerator,” in Egypt, after its successful launch in Jordan in 2018.
The launch of this Fintech-related program in Egypt comes as part of the Arab Bank’s ongoing efforts to support innovation in the financial technology sector. The bank aims promote the development of more responsive and agile financial services to meet the requirements of clients across different industry segments.
The “AB Accelerator” program aims to promote the adoption of emerging tech within the Arab Bank while supporting entrepreneurs with scaling their Fintech startups across the MENA region.
Motivated by its objective to develop innovative financial solutions, the “AB Accelerator” program aims to integrate into Egypt’s startup space by investing in early-stage startups that are focused on Fintech projects and other related technology initiatives, like cybersecurity and artificial intelligence (AI).
Hala Zahran, Lead of AB Accelerator stated:
“AB Accelerator is unique in a way that applies a venture client as well as a venture capital model. ‘AB Accelerator’ provides early-stage startups with a banking and commercial collaboration that not only helps them gain credibility and validate their product, but also allows them to instantaneously tap into multiple geographies. As such, “AB Accelerator” program encompasses the essence of what a strategic investor is.”
Zahran also mentioned:
“Over the past two years, we have invested in a global portfolio of startups from the US, Europe and in the Mena region, including startups like Seclytics (Cybersecurity), Tabby (Buy Now Pay Later) Hala Insurance (Digital Insurance).”
Habiba Helmy, Innovation Lead at Arab Bank – Egypt, stated:
“We are very excited about this new opportunity to connect with promising fintech startups in Egypt, which has one of the region’s most thriving ecosystems for innovation. Egypt is home for talented and passionate entrepreneurs who we are eager to collaborate with and, eventually, help in expanding their footprint both locally and regionally.”
Helmy added:
“Not only will startups be able to receive funding of up to $500,000, but they will also be entitled to a host of unique benefits as part of their collaboration with Arab Bank. These benefits include: creating a customized Proof of Concept to test solutions which could potentially lead to a pilot agreement with the bank, as well as instantly accessing customers and markets across Arab Bank’s regional and global network.”
Egyptian entrepreneurs who are interested in joining Arab Bank’s “AB Accelerator” portfolio of firms can apply online via: www.abaccelerator.co/apply-now or send a message to [email protected]
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