Algeria: Insurers’ Association Agrees To Establish First FinTech Lab In Algiers

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 (UAR) to establish the first FinLab of the financial centre of Algiers, called “GIE-Algeria FinLab”.

COSOB president, Mr Abdelhakim Berrah, stressed that the laboratory will cover all areas of finance, constituting an accelerator of innovation in the financial sector.
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.

Commenting on GIE-Algeria FinLab, the Minister Delegate in charge of the Knowledge Economy and Start-ups, Mr Yacine El-Mahdi Oualid, said, “It is the fruit of the collaboration between the ministry, the Bank of Algeria, COSOB and insurance companies, with the aim of enabling start-ups and project leaders in the FinTech sector to develop their solutions to modernise banking and insurance services while moving towards financial inclusion.”

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

The director of GIE-Algeria FinLab, Mr Abdelkader Khennoussi, indicated that the laboratory launched in the form of an economic interest group should lead to the financial sector promoting technological innovation and adapting regulations if necessary, for the development of FinTech and InsurTech.
Middle East Insurance Review