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ITIDA and Visa launch new FinTech Mentorship program for startups

Startups will also be able to find potential partners through Visa’s global partner network to boost their businesses and enrich their market experience

By: Business Today Egypt

Sun, Feb. 14, 2021

The Information Technology Industry Development Agency (ITIDA) and Visa have launched a new program to for entrepreneurs and startups specializing in FinTech.

The ITIDA-VISA Mentorship Program will offer insightful business models with due respect to market requirements, and allows startups to test and qualify their payment solutions to meet Visa’s standards, on top of providing opportunities to enhance participants’ capabilities and help develop innovative Fintech solutions.

Through the program, startups will also be able to find potential partners through Visa’s global partner network to boost their businesses and enrich their market experience.

They will also have access to Visa Developer Application Programming Interfaces (APIs) which facilitate integrating with Visa’s global network and experimenting with the company’s sandbox.

The top performing startups will receive a USD 20,000 cash prize, after completing the technical training and the business mentorship on business models, market requirements, and learning about business methodologies that help startups join Visa’s network.

Applications for the program are submitted through the website of the Technology Innovation and Entrepreneurship Center (TIEC), by maximum March 3.

The program targets FinTech entrepreneurs, business owners and startups with creative solutions in financial inclusion; e-payment; insurance; empowering merchants to understand, accept and use e-payments; discounts, Near-Field Communication (NFC); Radio-Frequency Identification (RFID); financial settlements; asset management; and investments.

The program also targets developers of e-payment mobile solutions, e-payment security, informational authentication and other FinTech solutions, and supports female entrepreneurs working in the FinTech field.

In November 2020, ITIDA and Visa signed a Memorandum of Understanding (MoU) with the aim to enhance cooperation in supporting entrepreneurship, encouraging startups to develop innovative FinTech solutions and promoting e-payments in Egypt.