Algeria: Insurers' association agrees to establish first FinTech lab in Algiers

Source: Middle East Insurance Review | Nov 2021

The Commission for the Organisation and Supervision of Stock Exchange Operations (COSOB) has launched the first laboratory (FinLab) dedicated to the development of technological innovation in the financial sector in Algeria.

COSOB signed a contract with the Algerian Union of Insurance and Reinsurance Companies to establish the first FinLab of the financial centre of Algiers, called ‘GIE-Algeria FinLab’. The laboratory will cover all areas of finance, constituting an accelerator of innovation in the financial sector, said COSOB president Abdelhakim Berrah.

Operating on lines similar to those of the state-owned Algeria Venture accelerator, this FinLab aims to create an ecosystem around start-ups that are active in technologies serving finance, reported the magazine N’TIC. The Algeria Venture accelerator, established in March 2021, serves as an incubator for innovative Algerian projects in all economic sectors.

The FinLab will support the digitisation of Algerian finance and the promotion of the use of new technologies such as blockchain and AI. M

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