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Tuesday, 2 March 2021

Ibnsina to tap healthcare fintech with new company

Ibnsina Pharma is making another play for the tech space, announcing in an EGX filing (pdf) yesterday that it has set up a new EGP 300 mn company to invest in fintech firms focused on the healthcare sector. The company declined to disclose which types of fintech it wants to invest in when approached for comment by Enterprise.

Take two: This comes three months after Ibnsina bailed on its attempted acquisition of a 75% stake in 3elagi Tech under threat of a lawsuit by the Pharmacists’ Syndicate, which mounted a campaign against the company’s attempt to sell products directly to consumers via the 3elagi app.

Ibnsina is looking beyond pharma: The new company will also look to invest in pharma- and non-pharma logistics companies, IR Manager Mohamed Shawky told us.

OTHER FINTECH NEWS–

Also riding the covid-fueled fintech wave: Mashreq Bank Egypt logged a 53% rise in the number of customers using its digital services since the start of the covid-19 pandemic, Executive Vice President Haitham Hammad told the local press. The bank saw its volume of digital transactions surge 373% and the number of people making payment almost double.

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