Suez Canal Bank announces the opening of Launch Saas incubator Cycle 4

Refaie: Suez Canal Bank supports innovative solutions in digital transformation, financial technology and climate change Cairo ,August 2022

Suez Canal Bank has announced the opening of Launch Saas incubator cycle 4 for startups inorder to apply, the incubator is sponsored by the bank as part of Nilepreneurs initiative funded by CBE and implemented by Nile University.

The bank stated that the Fourth cycle will focus on three main targets , first of which is to provide support to startups who are working on the field of providing innovative technical solutions to confront climate change and create a more sustainable future, taking into account the environmental, social, and governance dimensions ESG.

“Secondly, to support startups who have the capability to help small and medium-sized enterprises in Egypt in the field of digital transformation, whether in preparing lists of suppliers, or issuing purchase orders and paying electronic bills, and finally to support startups interested in the field of financial technology”, Bank added.

However, startups, small and medium-sized enterprises should at least meet one of these three criteria to be able to apply for the fourth cycle through the following link:

Hussein Refaie chairman and managing director of Suez Canal Bank pointed out that the fourth cycle of Launch Saas incubator coincides with Egypt's preparations to host COP27 conference in sharm el sheikh , he also noted that the fourth cycle will focus on providing support to startups who provide technical solutions and a more sustainable future for projects in line with the states direction to strengthen the tools in supporting entrepreneurs especially in the fields of financial technology and digital transformation, taking into consideration the environmental, social, and governance dimensions.

Hussein Refaie also stressed that the bank has participated in supporting such initiatives in light of the Bank’s policy to extend its support to small and medium-sized enterprises sector which aims to assist youth to obtain financial and advisory services, as well as creating a conducive environment for innovation and creating new job opportunities which contributes to diversify the resources of the national economy, raise employment rates, and increase job opportunities, achieving comprehensive and sustainable development for Egypt in accordance with Egypt's Vision 2030.

Dr Heba Labib Executive Director of Nilepreneurs initiative stated that this Fruitful cooperation between NilePreneurs Initiative and banks contributed to intensify the efforts in supporting the entrepreneurship community and startups in Egypt in various fields while being up to date with continuous developments in various programs launched in cooperation with its partners, especially in the fields of sustainability, climate change, digital transformation, and financial technology.

She also stated that Suez Canal Bank is one of the leading banks cooperating with NilePreneurs Initiative, and its various programs, such as business development services and incubators, which supported startups in achieving great successes at the local and regional levels and also helped to export Egyptian technological solutions abroad to African countries or the Arab world.

Five years ago, Suez Canal Bank started to support NilePreneurs Initiative launched by the Central Bank of Egypt in cooperation with the Nile University under corporate social responsibility program, which helped entrepreneurs, startups, and innovators in the field of technological applications to convert their ideas into products.

Throughout its “Launch SAAS” Incubator, Suez Canal Bank provides technical, administrative, and Financial support to entrepreneurs, startups, and innovators in the field of software development that helps small and medium-sized enterprises to digital transformation in the field of technological solutions for local companies and also export these solutions abroad.

By the end of 2021, Suez Canal Bank Launch Saas incubator incubated about 33 startup companies, which received financial support up to 3.9 million pounds, while the value of investments in these companies achieved about 27 million pounds, and their revenues achieved 109 million pounds since joining the incubation program and organized more than 150 training courses for entrepreneurs and start up companies.