Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt's “e-finance” Signs Cooperation Protocol with IBM to Establish Digital Banking Platform

Tue 28 Nov 2023 | 09:23 PM
Taarek Refaat

e-finance for Financial and Digital Investments and IBM Egypt signed a cooperation protocol to study the establishment of a digital banking platform integrated with artificial intelligence (AI) for banks and financial institutions, in accordance with the instructions and policies of the Central Bank of Egypt (CBE).

The platform aims to provide and make digital systems and services available to banks and financial institutions to help them achieve their goals in managing their business, reaching a larger number of customers, and providing a distinguished user experience for customers.

In addition, the plateform aims to reduce operating costs, contributing to achieving sustainability goals, and reducing environmental impact by making services available electronically.

According to the cooperation protocol, the alliance is scheduled to provide advanced technology to the banking sector and use the capabilities of the IBM Watsonx platform for data and artificial intelligence, in addition to IBM consulting services for the design and development of various services and systems that can be accessed through this platform.

The alliance will also undertake the work of developing infrastructure and creating basic software and automated business workflow systems, in addition to a cybersecurity system to secure data. The alliance will manage the platform and make it available to banks and financial institutions to develop digital solutions for customers and accelerate the pace of digital banking services in Egypt, especially digital banks.

Ibrahim Sarhan, Chairman of the Board of Directors of e-finance said: “We aim to provide the best digital technologies to our customers, including cloud computing and artificial intelligence services in Egypt.”

"As part of this initiative, e-finance is working on plans to introduce digital technologies to banks, based on the capabilities of the e-finance group of companies in sustaining the operation of national systems and their expertise in financial and banking services. Therefore, we were keen to cooperate with IBM to design and implementation a digital banking platform for banks enhanced with the latest AI technology. We believe that the digital banking platform will achieve the CBE’s strategy for financial inclusion and Egypt’s Vision 2030.”

Commenting on the cooperation, Marwa Abbas, General Manager of IBM Egypt, said: “We are pleased with this cooperation as it will contribute to studying and creating the best design for a digital banking platform that relies heavily on the best IBM digital solutions integrated with AI capabilities.”