Egypt's FRA Vows Support For Innovators As 16 Projects Advance In Hackathon

(MENAFN- Daily News Egypt) Egypt's Financial Regulatory Authority (FRA) has said that 16 Egyptian projects have qualified for the African stage of a global hackathon, with the authority's chairperson vowing full support for entrepreneurs and innovators to develop new solutions for the non-banking financial sector.

The qualification came at the conclusion of the National Hackathon competition, part of the World Computer Hacker League, which was organised by the FRA and its regulatory sandbox in cooperation with Mercatura Forum, ICP Hub Egypt, and global partner DFINITY. Egypt is participating for the first time in the international competition, in what the FRA described as an unprecedented step to consolidate the country's position on the global digital financial innovation map.

The project MercX won first place in the national final, receiving a prize of EGP 100,000, while CargoTrace Finance came second with EGP 50,000, and ChainNotery ranked third with EGP 25,000. At the African stage next month, the winning project will secure a prize of EGP 350,000, alongside investments worth $50,000, ahead of the global finals.

“The Authority provides full support for entrepreneurs and innovators to test and activate their projects in a safe environment. This support enables the delivery of new solutions that enhance the development of the non-banking financial sector,” FRA Chairperson Mohamed Farid said in a speech at the event.“Such efforts are a direct investment in the future of the national economy.”

During the ceremony, the FRA Chairman stated that the Authority's regulatory sandbox is a genuine platform to empower Egyptian youth to showcase their innovative technological ideas.

Farid stressed that technology is indispensable for strengthening financial inclusion and integration, not only for market participants but also for emerging entrepreneurs and innovators, enabling them to engage more effectively and sustainably in the economic system.

He pointed out that a distinctive feature of the competition was the participation of teams from various governorates, not only Cairo, which created a rich diversity of ideas. The Authority regards this as a cornerstone for developing markets and innovating new solutions that meet the needs of all segments of society, he said.

Karim Younes, CEO of Merctura Forum, stated that the partnership between the World Computer Hacker League and the FRA's regulatory sandbox combines innovation with regulatory vision, enabling top developers to test and launch pioneering blockchain solutions. He explained that the technology used in the competition is known by only about 5,000 specialists worldwide, including some in Egypt.

For his part, Ahmed Khalifa, CEO of the FRA's regulatory sandbox and Chief Data Officer, stressed that the sandbox has become a genuine and effective tool for advancing technological development in the non-banking financial sector. He urged stakeholders in financial technology to engage with the sandbox and benefit from the support and guidance it provides.

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