Huawei Cloud hosted its inaugural Fintech Summit 2024 in Egypt under the theme “Unlock New Growth with Huawei Cloud,” aimed at highlighting end-to-end cloud services specifically tailored for the fintech sector in the country.
The summit brought together key stakeholders from Egypt’s fintech ecosystem to showcase Huawei Cloud’s advanced solutions designed to meet the unique needs of fintech companies. This includes Huawei Cloud KooVerse, which offers extensive global coverage with 33 regions, 93 availability zones, and over 2,800 CDN nodes worldwide, providing low-latency infrastructure essential for seamless payment processing. Additionally, Huawei’s cloud-native database solutions deliver superior performance and scalability, which are critical for fintech companies seeking to offer real-time financial services to their customers.
During the event, discussions revolved around the latest trends, innovations, and technologies shaping the future of financial services. Recognizing that security compliance is paramount in the financial sector, Huawei Cloud emphasized its commitment to meeting stringent industry requirements by obtaining global and local security certifications and implementing robust security measures for transactions and data migration.
The summit also highlighted Huawei Cloud’s cloud-native database, which provides exceptional performance and flexibility while mitigating vendor lock-in and reducing hidden costs. This solution is pivotal for fast-growing fintech enterprises, allowing them the scalability needed without compromising on performance or data integrity.
As fintech continues to revolutionize the financial landscape—especially in non-bank financial services regulated by the Financial Regulatory Authority (FRA), such as capital markets, insurance, and non-bank financing—it plays a crucial role in enhancing financial inclusion by improving access to finance, investments, and insurance.
The FRA is on an ambitious path to digitize non-bank financial services, establishing a conducive environment by issuing laws and resolutions 139-140-141 for the year 2024. These regulations will support non-bank financial institutions (NBFIs) in transitioning into digital entities using fintech solutions such as eKYC, electronic registries, and electronic contracts. To facilitate this transformation, it is vital for the FRA to adapt its regulatory framework to keep up with technological advancements while balancing innovation and regulation. The FRA acknowledges the significant contributions of companies like Huawei, which have invested in local data centers to comply with regulations and assist non-banking fintech firms in storing customer data within Egypt.
Sherif Yehia, Deputy Assistant, Chief Information Officer, and Information Security Manager at the FRA, stated, “We recognize that cloud technology is a powerful force that can unlock the potential of Egypt’s fintech ecosystem.”
Yasser El Alaily, CEO and Managing Director of Egypt for Information Dissemination (EGID), noted, “By embracing cloud technology, Egypt can position itself as a leading fintech hub in the region, supporting the goals of Vision 2030. This shift is essential for empowering businesses and creating a brighter future for all Egyptians.”
Jo Xu, CEO of Huawei Cloud Egypt, remarked, “Huawei Cairo Region, the only public cloud in Egypt, ensures that the country’s data remains within its borders. We provide technical support, ecosystem solutions, and preferential policies for the fintech industry.” He emphasized Huawei Cloud’s focus on solution innovation in four scenarios: security and compliance, high-concurrency transactions, precise risk control, and AI integration.
At the conclusion of his remarks, Xu expressed pride in Huawei Cloud’s role in providing better choices for the global market and reiterated the company’s commitment to advancing Egypt’s fintech landscape through innovative infrastructure and solutions.
To further bolster the growth of Egypt’s fintech ecosystem, Huawei Cloud introduced its “Pioneer Program,” offering exclusive discounts to fintech companies. This program includes a month of free resource consumption in the Cairo Cloud Region and a 20% discount on services for the second year if services are purchased in the first year (excluding CDN/SMS), with eligibility for contracts signed before December 31, 2024.
