Huawei Cloud hosts its Fintech Summit 2024 to unlock Egypt’s Fintech potential with the First Public Cloud in Egypt

Huawei Cloud hosted its first Fintech Summit 2024 in Egypt under the theme “Unlock New Growth with Huawei Cloud” to shed light on end-to-end cloud services tailored for fintech in Egypt.

The summit, which brought together key stakeholders in Egypt’s fintech ecosystem, showcased Huawei Cloud’s cutting-edge solutions designed to address the specific needs of fintech companies.

These include Huawei Cloud KooVerse, with its extensive global coverage of 33 Regions, 93 availability zones, and over 2,800 CDN nodes worldwide, offering low-latency infrastructure for seamless payment processing, and cloud-native database solutions that provide superior performance and scalability.

This robust infrastructure is crucial for fintech companies aiming to provide their customers with seamless, real-time financial services.

The event explored the latest trends, innovations, and technologies shaping the future of financial services. Security compliance remains a top priority in the financial sector.

Huawei Cloud emphasized its commitment to meeting the industry’s stringent requirements, including obtaining global and local security compliance certifications and implementing robust measures to ensure transaction and migration security.

The event also highlighted Huawei Cloud’s cloud-native database, which provides unparalleled performance and elasticity while preventing vendor lock-in and reducing hidden costs.

The cloud-native database solution is a game-changer for fintech companies, offering the flexibility and scalability that fast-growing fintech enterprises need without compromising performance or data integrity.

In that context, Sherif Yehia, Deputy Assistant, Chief Information Officer, and Information Security Manager at the Financial Regulatory Authority (FRA), commented: “In today’s rapidly changing digital world, fintech has revolutionized the financial landscape, particularly in non-bank financial services regulated and supervised by the FRA, such as capital markets, insurance, and non-bank financing activities. It also fosters financial inclusion by facilitating access to finance, investment, and insurance.”

He further added: “The FRA has embarked on an ambitious plan to digitalize non-bank financial services by creating a fully conducive environment. This starts with issuing the law and executing resolutions 139-140-141 for the year 2024, which provide NBFIs with the support needed to transform their businesses into digital entities using fintech solutions like eKYC, electronic registries, electronic contracts, and electronic signatures.

Embracing this innovation can open new avenues for economic growth. To support this, it is essential for the FRA to adapt its regulatory framework to keep pace with technological advancements while balancing innovation and regulation.

We recognize the important role of companies like Huawei, which have proactively invested in local data centers to comply with regulations and support non-banking fintech companies that must store customer data within Egypt’s borders. This commitment demonstrates their dedication to fostering the growth of the Egyptian fintech industry.”

Yasser El Alaily, CEO and Managing Director of Egypt for Information Dissemination (EGID), said, “Cloud technology is a powerful force that can unlock the potential of Egypt’s fintech ecosystem. Huawei Cloud, in particular, provides seamless data access and fosters collaboration among financial institutions and innovators, facilitating the rapid development of customized financial solutions that enhance customer experiences and promote financial inclusion. 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, strengthening economic resilience, and creating a brighter future for all Egyptians.”

In his speech, Jo Xu, CEO of Huawei Cloud Egypt, said, “Huawei Cairo Region, the only public cloud in Egypt, helps the country’s data remain within its borders. We provide technical support, ecosystem solutions, and preferential policies for the fintech industry.

We aim to help fintech innovate on the cloud to unlock new growth from ‘4+2’ aspects: solutions innovation in four scenarios and two basic capabilities. We focus on solution innovation in four scenarios: security and compliance; high-concurrency transactions; precise risk control; and integrating AI into production flow.

The two basic capabilities are a resilient infrastructure that offers a consistent global experience and a strong global fintech ecosystem. Huawei Cloud is committed to helping fintech customers innovate on the cloud, unlock new growth, and reshape the financial services industry.”

At the end of his speech, he expressed pride in Huawei Cloud’s ability to provide a better choice for the world.
Furthermore, Jason YE, VP Huawei Cloud Northern Africa, added: “We recognize that cloud technology is essential for the rapid advancement of Egypt’s fintech landscape. With our first public cloud region, we are committed to providing the infrastructure and innovative solutions needed to drive digital transformation and support the financial industry’s growth. Together, we can build a thriving fintech ecosystem that empowers local businesses and contributes to Vision 2030.”

To further support the growth of the fintech ecosystem in Egypt, Huawei Cloud introduced its “Pioneer Program.” This program offers exclusive discounts to fintech companies, allowing them to enjoy free resource consumption in the Cairo Cloud Region for the first month. Additionally, companies can receive a 20% discount on Huawei Cloud Egypt services in the second year if they purchase services in the first year (excluding CDN/SMS). To be eligible, the contract must be signed before December 31, 2024.

Huawei Cloud Launching Fintech Pioneer Program

Notably, Huawei has expanded its footprint in Egypt by launching its first public cloud region in Cairo. This strategic move positions Huawei Cloud as a key player in Northern Africa, offering a comprehensive suite of cloud services, including infrastructure, databases, AI, and big data. In partnership with local providers, Huawei Cloud is empowering industries like digital government, media, web3, e-commerce, and telecommunications.