DFS Lab, a digital commerce investor and accelerator that partners with early-stage digital economy startups in Africa, has announced it will facilitate the virtual Economy Design Spring in March 2021. The sprint is hosted by the Central Bank of Egypt (CBE), in collaboration with Egypt's Financial Regulatory Authority (FRA) and is supported by FSD Africa, through aid from the UK government. This event will offer participating startups an opportunity to bring their solutions to the market, via a relationship with Egyptian banks and financial institutions and other solution-seeking organisations. Startups focused on digital commerce and finance, including cashless payments, identity, digital invoicing and supply chain payments, regulatory interactions, and other commerce tools are responding to changes in consumer demand. Many of these innovations could be deployed in the fight against the novel coronavirus (COVID-19) pandemic. "Under the auspices of the CBE and in collaboration with the FRA, DFS Lab has partnered with FSD Africa on a COVID-19 innovation sprint that aims to unearth, develop, and refine FinTech solutions that directly address the pandemic in Egypt," according to Stephen Deng, Partner at DFS Lab, "This event will bring together Egyptian banks and financial institutions that are seeking solutions to COVID-19 with international and local innovators who are rapidly creating the products and services to help Egypt's financial sector solve current COVID-19 challenges." Mark Napier, CEO of FSD Africa, said, "FSD Africa believes FinTech startups, with their energy, focus and expertise, can play a transformational role in tackling the unprecedented challenges that Egypt is facing as a result of COVID-19." He added, "The innovation sprint, hosted by the CBE and implemented by the DFS Lab, will provide a platform to showcase the many existing innovations that can be adapted and scaled up to support the country." Napier noted that FSD Africa hopes that this sprint will be just the beginning of long lasting and sustainable relationships built between all players, and allow FinTech to be part of the COVID-19 solution. The innovation sprint will culminate with a demo day, where Egyptian banks and other financial institutions are able to see the solutions startups present and can choose to move forward, bringing products and solutions to market.
