Temenos has joined forces with the Venture lab at The American University in Cairo (AUC) to bolster growth in the city’s fintech industry.

Temenos will support financial innovation in Egypt by providing startups with access to “the world’s number one core banking solution”, which can be used as their development environment. The sandbox will be a non-production cloud-based version of the vendor’s T24 core banking system.  It will also allow them to plug into the 11 major financial institutions in Egypt already running Temenos T24.

The partners will also collaborate on the creation of events and other community-building activities.

“The Egyptian market is currently in an ideal position to take advantage of a rich fintech ecosystem that will help drive digital transformation across the banking industry,” said Jean-Paul Mergeai, regional director for MENA at Temenos.

“I am optimistic that our partnership with AUC Venture Lab will continue to foster the spirit of innovation in Egypt and help to pave the way for fintech startups for years to come.”

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com