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EFIG signs a cooperation agreement with IBM to promote digital banking services in Egypt

Partnerships & Agreements

In support of the financial inclusion strategies and the digital transformation of Egypt, eFinance Investment Group and IBM Egypt signed a cooperation agreement in the presence of Ms. Ana Paula Assis, Chair and General Manager EMEA at IBM, along with Mr. Saad Toma, General Manager at IBM Middle East & Africa.

The protocol aims to study the establishment of an integrated digital banking platform, infused with artificial intelligence, for banks and financial institutions in alignment with the directives and policies of the Central Bank of Egypt.

The platform aims to provide digital systems and services to banks and financial institutions, assisting them in achieving their business goals, expanding their customer base, and delivering a distinguished user experience. Additionally, it seeks to reduce operational costs, contribute to sustainability objectives, and mitigate environmental impact by offering services electronically.

According to the cooperation protocol, the alliance is set to provide advanced technology to the banking sector, leveraging the capabilities of the IBM Watsonx platform for data and artificial intelligence. Additionally, it will offer IBM's consultancy services for designing, developing, and accessing various systems and services through this platform. The alliance will also undertake infrastructure development, establish core software, implement automated workflow systems, and institute a cybersecurity system to safeguard data. It will manage and make the platform accessible to banks and financial institutions for developing digital solutions, accelerating the pace of digital banking services in Egypt, particularly digital banks.

Ibrahim Sarhan, Chairman and CEO of EFIG stated, "Our aim is to provide our clients with the best digital technologies, including cloud computing and artificial intelligence services in Egypt. As part of this initiative, at eFinance Investment Group, we are working on plans to introduce digital technologies to banks, leveraging the capabilities of the Group in sustaining national systems and its expertise in financial and banking services. Therefore, our collaboration with IBM, with its global expertise and advanced digital solutions, is crucial in designing and implementing a digital banking platform for banks, enhanced with the latest advancements in artificial intelligence. We believe that this digital banking platform will achieve the Egyptian Central Bank's strategy for financial inclusion and Egypt's vision for 2030."

Marwa Abbas, General Manager and Technology Leader at IBM Egypt commented on the collaboration, stating, "We are pleased with this collaboration with eFinance as it will contribute to studying and innovating the best design for a digital banking platform heavily relying on IBM's integrated digital solutions enhanced with artificial intelligence capabilities. This contributes to presenting a shared vision and some concepts related to digital financial services that align with the directives and policies of the Egyptian Central Bank. Artificial intelligence represents a significant opportunity for governments and public sector institutions looking to leverage new technologies to meet national agendas and sustainable development goals. AI has the potential to usher in a new era of services, improving workforce efficiency, and reducing operational costs."

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