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CAIRO - 20 February 2022: Egypt targets increasing the Artificial Intelligence (AI) contribution to the GDP to 7.7 percent by 2030, affirmed the Information and Decision Support Center (IDSC).
This requires attaining tangible progress in digital transformation and collecting useful data, on which the AI applications depend, added the IDSC in its newly-issued series of "Visions on Road to Development".
The series, issued under the rubric "financial technology opportunities and challenges", aims to review the financial technology sector in Egypt and analyze its tools.
It also aims to analyze the challenges besetting the private sector in financial technology services.
The series, meanwhile, shed light on the efforts exerted by the Egyptian government in order to facilitate the integration of innovative technologies into financial services provision as part of Egypt Vision 2030.
The IDSC, in the series, also pointed out to the efforts led by the Central Bank of Egypt (CBE), which include launching FinTech and Innovation integrated strategy in March 2019 along with establishing a FinTech Hub.
The CBE also allocated EGP billion pounds in 2019 to finance investment innovation in financial technology, it added.
Thanks to the CBE's efforts, the financial technology sector has achieved phenomenal success over the past two years, the IDSC said, noting that the Arab Monetary Fund’s (AMF) said that Egypt leads nine Arab countries in terms of electronic payment services and digital wallets.
Egypt also acquired 25% of the Middle East's financial technology deals in the financial technology sector during 2019, it added.
Egypt's National Telecom Regulatory Authority (NTRA) advanced 43 places on the Mobile Money Regulatory Index, issued by the GSMA, the IDSC also said.
The financial technology industry in the Middle East is growing rapidly with registered revenues hitting about $337 million between 2015 and 2019, the IDSC noted.