The Banking Executive Magaizne - March 2025 Issue

the BANKING EXECUTIVE 42 ISSUE 195 MARCH 2025 FinTech and AI Chornicle cooperation with the private sector and startups in building systems that serve various sectors of the state, such as agriculture, health, and edu- cation. The fourth pillar focuses on compe- tencies and skills, expanding the base of trained personnel in AI through initiatives of the ministry and its affiliated entities to meet the re- quirements of large companies as well as startups and SMEs. The fifth pillar concerns establishing a legisla- tive and governance framework, studying various international expe- riences in this field to develop bal- anced legislation that expands the array of solutions built using AI while protecting data privacy. The sixth pillar involves creating a sound AI ecosystem by supporting local startups, innovation efforts, and encouraging investment from ven- ture capital firms in Egypt. Talaat stressed that one of the key objec- tives of the strategy is to attract more investment to Egypt in the field of AI, develop local companies operating in this field, and stimulate interaction between global and local companies operating in this field. ITIDA’S ROLE IN CONNECTING STAKEHOLDERS Ahmed Elzaher, CEO of ITIDA, said that ITIDA is working to connect all stakeholders in the entrepreneurship ecosystem, from the government and startups to investors, large compa- nies, and institutions, to explore op- portunities for cooperation and understand AI applications and mar- ket needs. He pointed to ITIDA’s sup- port for companies through an integrated business environment and specialised training programmes. He added that ITIDA has developed all its capacity-building and skills de- velopment programmes to meet re- quirements, providing training programmes in requirements engi- neering, software development and testing with AI tools, and responsible use of AI through its Software Engi- neering Competence Centre (SECC), as well as internationally accredited professional certifications. Elzaher said that ITIDA has contacted 37 startups, where challenges re- volved around a lack of specialised skills, which the Ministry of Commu- nications and Information Technol- ogy and all affiliated entities are working to address with advanced training programmes. These efforts are part of ITIDA’s strategy to en- hance the AI environment and bridge the skills gap locally and globally, enhancing Egypt’s position as a hub for high-value technological serv- ices. 500 GLOBAL’S INVESTMENT IN EGYPT Amal Enan, Partner at 500 Global, said that the forum aims to hold dis- cussions bringing together local and global companies specialising in AI, and to highlight the government’s plans in this field until 2030, in light of the National AI Strategy. She ex- plained that 500 Global has invested in more than 65 companies in Egypt so far, and is working to expand its investments in Egypt in cooperation with ITIDA. Enan noted that there are currently about 157 companies participating in the various programmes provided by 500 Global to support and de- velop startups in various stages, em- phasising the company’s interest in integrating AI technologies into the activities of startups in light of the in- creasing global interest in AI and the opportunities and challenges it pro- vides. SKILLS DEVELOPMENT INITIATIVES Hoda Baraka, Advisor to the Minister of Communications and Information Technology for Technological Talent Development, reviewed the state’s efforts in adopting AI technologies since 2019, noting the main objec- tives of the second version of the Na- tional AI Strategy 2025-2030, which include building the capabilities of 30,000 AI specialists, raising aware- ness about AI among segments of so- ciety, enabling about 26% of the workforce in Egypt to use AI tools, and enabling about 36% of citizens to use AI applications, reaching more than 250 companies operating in the field of AI, with attention to research and development and supporting sci- entific research in these technolo- gies. She pointed out that communication is underway with all sectors of the state to analyse the actual needs of each sector for AI applications, and thus develop a list of targeted sectors and the most priority uses, then de- velop executive plans to develop ap- plications using AI that serve these sectors, and present them to private sector companies for cooperation in implementation. Noha Adly, Advisor to the Minister of Communications and Information Technology for Research and Devel- opment, explained the role of the Applied Innovation Centre in creat- ing technological solutions using modern technologies, particularly AI, to address the challenges facing Egyptian society, with a focus on building capabilities in this field through on-the-job training. She noted that the Centre has com- putational capabilities, as well as a base of specialised experts and engi- neers, pointing to the most promi- nent projects implemented by the Centre to use AI in a number of sec- tors, including agriculture, educa- tion, justice, healthcare, and culture. She added that projects are being im- plemented to develop applications for automatic recognition of spoken language in Egyptian colloquial Ara- bic with its different dialects, ma- chine translation and converting spoken language into text, as well as an application for automating quality assurance in call centres.