Fintech Galaxy, an open innovation platform located in the United Arab Emirates, is partnering with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) to launch a new accelerator program aimed at preparing Arab digital startups for cross-border expansion.
The Yalla Xtech program, which will initially focus on Egyptian and Jordanian tech start-ups, aims to help entrepreneurs and tech startups expand beyond their borders, contributing to startup ecosystems and, in particular, to efforts in the host countries to achieve the Sustainable Development Goals through innovation, competition, and employment (SDGs). The program will foster cross-border inclusion and knowledge sharing, as well as provide startups with the tools, resources, and network contacts they need to successfully expand into Jordan or Egypt.
The program, which is powered by Fintech Galaxy’s cloud-based open innovation FinX22 platform, will also aid in the financial inclusion of Egyptian communities and enterprises. FinX22 complies with the best international technical standards and will provide an open banking API sandbox for Egyptian tech startups to build, test, and launch their apps.
Selected startups will be provided with coaches, legal and regulatory guidance, networking opportunities, and other tools during the two-month Yalla Xtech accelerator program, which will help them build effective expansion strategies and master their growth journey across country borders.
Speaking about the launch of Yalla Xtech, Mirna Sleiman, Founder & CEO, Fintech Galaxy, said: “We are proud to team up with GIZ to be able to support entrepreneurs and start-ups across the ecosystems of Jordan and Egypt and their ability to expand across borders. The Yalla Xtech program highlights our commitment to creating a common regional digital space for better connectivity that helps speed up the process of digital transformation and moves the needle in financial inclusion through collaborative innovation.”
Egypt’s entrepreneurship ecosystem is widely recognized as one of the most active and vibrant in the MENA region, with a population of more than 100 million people. The size, accessibility, and relatively low labor cost of the Egyptian market provide compelling incentives for Jordanian start-ups to explore expanding there. Jordan, on the other hand, has a smaller ecosystem and market than Egypt, but it offers significant advantages for Egyptian start-ups, such as a highly educated and skilled workforce and proximity to the GCC.
The accelerator is open to Jordanian and Egyptian technology and tech start-ups who have a genuine or competitive product or service offering in their home market and are ready to expand. They are more than welcome to use Yalla Xtech’s online platform to submit their applications.
The application deadline is October 21, and the accelerator will begin on October 31. Pitch -offs will be held on November 15.