Here are five major headlines that took place this last month in the MENA entrepreneurial scene that you should know about.
1. National Bank of Egypt launches fintech platform
On the 9th of March, the chairperson of the National Bank of Egypt (NBE), Hisham Okasha announced the launch of a new fintech platform which will be launched through NBE’s microfinance electronic platform, Tamkeen. Okasha explained that the new platform’s services will include e-payment activities, non-banking financial services, and all microfinance products. Moreover, the Managing Director of Tamkeen also explained the new platform’s aim to provide financial products to microenterprise owners, in addition to providing solutions that will allow companies to get their necessary financial services quickly and easily.
2. Abu Dhabi based venture builder, Hatch & Boost, launches in the Middle East
Hatch & Boost, the venture builder focused on “hatching” innovative ideas and boosting scalable startups, had up until now been operating mainly in the UAE. However, this March, they announced their official launch in the Middle East with a plan to expand in markets such as Egypt and Saudi Arabia.
3. Al Tamimi & Company launches Venture Capital & Emerging Companies Law Review
The MENA based leading law firm, Al Tamimi & Company, announced on the 25th of March the launch of its Venture Capital and Emerging Companies Law Review. The report provides a deep dive into the world of venture capital, entrepreneurship, and the financing of disruptive startups in the MENA region with a particular emphasis on legal issues and topics relevant to venture capital funding and emerging technologies in the region.
4. Egyptian startup, Koinz, raises $4.8 million in seed round
The Cairo-based food and beverage platform, Koinz, which was founded in 2018, announced that it has raised 4.8 million in seed funding. The investment was led by entrepreneur and Tinder founder, Justin Mateen.
5. Digital marketing solution provider, bfound, launches e-commerce solution for SMEs.
UAE-based bfound has partnered with Umm Al Quwain (UAQ) Free Trade Zone to launch EcomExpress. EcomExpress, which was designed for SMEs in particular, provides an all in one e-commerce solution that vows to allow businesses to set up to sell online within 1 day across social media channels and website, while offering end-to-end setup convenience.