Egypt’s Fawry to launch digital bank. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

 

1. Egypt’s Fawry to launch digital bank

 

Egypt’s leading e-payment solutions provider, Fawry, has announced intent to redefine the financial landscape of Egypt with its online payment portal, myFawry, waiting to transform into a full-fledged digital bank by 2023. 

This strategic move will usher in a new era of financial services in the country, offering a comprehensive range of solutions, from payments to consumer lending, savings, and investments. 

Fawry’s progress is underscored by the remarkable increase in myFawry app downloads and transactions, reflecting the company’s strong digital presence and widespread adoption. 

With Egypt’s central bank actively supporting digital transformation, Fawry is well-positioned to shape the future of banking in the country.

Fawry’s decision to evolve into a digital bank aligns with global trends of financial technology disruption and digital transformation. 

As more consumers embrace digital banking and payment solutions, established players in the payment industry are leveraging their existing platforms to diversify their offerings. 

Fawry’s pivot into digital banking not only expands its market reach but also contributes to financial inclusion in Egypt by providing accessible financial services to a wider population. 

 

Tech Trivia: Which command moves data to the clipboard and removes it from its original location?

1. Copy
2. Clip
3. Cut
4. Crop

Answer: see end of post

 

2. UAE’s Maxbyte closes $5M to fuel growth 

 

Maxbyte, a UAE-based innovator in integrated digital and robotics solutions, has secured a significant $5 million investment from e& capital in its Series A financing round. 

This infusion of capital bolsters Maxbyte’s plans for market expansion and product development. 

With a strong presence in industries like automotive, defense, utilities, and more, Maxbyte aims to drive the Industry 4.0 revolution through smart connected industrial enterprises. 

This partnership between e& capital and Maxbyte is set to accelerate the digitization of manufacturing in the UAE, contributing to the nation’s ambitious Industry 4.0 goals.

Industry 4.0, marked by the convergence of digital technologies and manufacturing processes, is reshaping traditional industries across the globe. 

Maxbyte’s focus on offering innovative solutions for Industry 4.0 underscores the importance of automation, connectivity, and data analytics in transforming manufacturing. 

The collaboration between e& capital and Maxbyte exemplifies the role of venture capital in driving technological innovation.

 

3. Saudi’s FlyAkeed secures $15.2M Series A Funding

 

Saudi traveltech startup FlyAkeed has secured a significant $15.2 million in a Series A funding round, led by PIF’s Sanabil Investments and Elm Company, with participation from Artal Capital and Al Rajhi Partners. 

FlyAkeed’s flight-booking platform caters to both individual consumers and businesses, offering real-time insights for travel managers to ensure policy compliance and cost control. 

With this funding, FlyAkeed is set to expand its digital offerings in Saudi Arabia, integrating fintech solutions to enhance the travel experience and enable better management of corporate travel.

The travel industry has experienced a significant shift towards digitization, with traveltech startups like FlyAkeed capitalizing on this trend. 

As travelers seek convenient and efficient booking solutions, the traveltech sector has seen substantial investments to enhance the travel experience and streamline processes. 

FlyAkeed’s ability to cater to both individual and corporate travelers positions it well for growth, especially as businesses increasingly seek technology-driven solutions for travel management.

The infusion of Series A funding highlights the sector’s potential and underscores the role of technology in shaping the future of travel.

 

Trivia answer: Cut

Cut is a command that allows you to “cut out” a selection of text or other data and save it to the clipboard. It is similar to the Copy command, but instead of just copying the data to the clipboard, it removes the selected data at the same time. 

For example, if you highlight a sentence in a word processing program and select “Cut,” the sentence is removed from the document and is added to the clipboard. Therefore, selecting “Cut” is an simple way to both copy and delete a selection in a single step.

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