Arab Bank has launched an Egyptian branch of its FinTech, artificial intelligence (AI) and cybersecurity accelerator, the bank said in a statement. Press release posted by investment companies in the region.
The bank launched the first of what it calls AB accelerators in Jordan in 2018. The accelerator focuses on start-ups.
Hala Zahran, head of AB Accelerator, said in the statement, “AB Accelerator is unique in a way that applies a risk client as well as a venture capital model. AB Accelerator provides start-ups with banking and business collaboration that not only helps them gain credibility and validate their product, but also allows them to instantly tap into multiple geographies.
Since the launch of AB, Zahran said in the statement, the accelerator has invested in startups in the United States and Europe. New investments are underway in the “MENA region,” he said, using an acronym in English for the Middle East and North Africa.
Companies we invest in include Seclytics in the area of cybersecurity; Tabby in the space buy now, pay later; and Hala Insurance, a digital insurance provider, according to the statement.
Habiba Helmy, Head of Innovation at Arab Bank – Egypt, said in the statement: “We are very excited about this new opportunity to connect with promising FinTech startups in Egypt, which has one of the most successful ecosystems of the region for innovation. Egypt is home to talented and passionate entrepreneurs with whom we look forward to collaborating and eventually helping to expand their footprint both locally and regionally.
The accelerator works through an application process, according to its website. Companies selected to participate in the program work three to six months to develop proofs of concept, after which projects deemed to have a good chance of success move into pilot phases.