The third edition of the “Algeria Startup Challenge” program has identified three outstanding projects in the field of finance technology carried out by startups as winners. The identities of the three winning projects were revealed during a closing ceremony held in Algiers in the presence of CEOs of public enterprises, insurance firms, and banking institutions, as well as heads of economic institutions.
Under the “Insurtech” category, the jury’s choice was for “Amentech” solution, which provides insurers with a dematerialization service from the claims insurance counter and allows automobile insurance subscribers to make their report online shortly after an accident, including photos and testimonials.
The GCM (Global Cash Management) solution won the selection jury’s approval in the “Fintech” category. GCM recruits, identifies, and accepts buyers for its program, which provides traders with microcredits through installment sales contracts.
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The jury chose the “Moustachari” solution, a platform specializing in legal services that allows the management and monitoring of firms, master-lawyers, bailiffs, and notaries, for the “Regtech” category, which represents players who circle around financial regulation.
Since its inception in March, 55 projects have been registered, including 27 start-ups in the sector of finance (Fintech), 13 in the field of insurance (Insurtech), and 14 start-ups related to the digitization of regulatory and compliance activities (Regtech and Risk Management).
The jury is made up of specialists in various sectors who chose 24 startups at the start. They went through a second round of selection, with the help of a three-week support program, which resulted in the selection of nine finalists (three start-ups in each field).
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Mr. Berrah, the president of Cosob, stated at the end of the closing ceremony that “these selected initiatives would be backed by public corporations in order to find them money, even for the acquisition of participations in order to make these solutions a reality and integrate them.”
This competition, which is sponsored by the Minister of Knowledge Economy and Startups and co-organized by “Leancubator,” a company specializing in the design of incubation programs and Cosob, aims to bring together actors in Algeria’s innovative entrepreneurship ecosystem and to boost start-ups using innovative operational, technological, or economic models aimed at achieving a higher level of success.
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According to the competition’s organizers, the competition’s goal is to identify “potential champions who combine confidence and originality,” as well as to “strengthen Algeria’s position in the sectors of content creation.”
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