Digified licensed to offer digital KYC, e-signature services in Egypt

Trusted digital ID verification firm Digified says it has received regulatory clearance to henceforth provide AI-powered digital Know Your Customer (eKYC) services in Egypt.

The Egyptian regulatory technology firm founded in 2019 noted in a press statement that the approval by the country’s Financial Regulatory Authority (FRA) also allows them to offer eKYC and digital contracting services to entities in the non-banking sector.

With Digified’s system, lending, investment, and insurance companies operating under the purview of the FRA can create digital IDs and conduct biometric and non-biometric KYC for secure onboarding, government data authentication through the validation of client information via national ID and mobile registry databases, and e-contracts and registry services for signing legally binding dynamic and smart contracts with digital signatures.

Digitally signed contracts are legally binding in Egypt, and Digified believes the novelty will spare these entities some of the challenges that come with paperwork, wet signatures or physical transactions in contract signing processes.

Securing the latest license is the fruit of collaboration, support and investment in the vision of Digified’s from partners including Plug and Play, Creativa Innovation Hub, and ITIDA, the company says.

“Thanks to our pioneering team, this licence is a major milestone for Digified and highlights how AI creates value in advancing financial and digital inclusion in Egypt. We also extend our gratitude to Dr Mohamed Farid, FRA Chairman, and the FRA leadership team for their vision and support,” the company’s CEO, Ibrahim Hassan, said in remarks after the deal was signed. “This achievement furthers our mission to deliver a secure, compliant, fully digital ID suite for Egypt and the MEA region.”

According to Digified, the new license strengthens its position as one of the leaders of Egypt’s digital ID market and boasts over 25 million annual verifications in the lending, investment, and insurance domains. It says it has built its proprietary technology over the years based on machine learning to provide trusted ID verification services in and out of the banking sector.

In 2023, the FRA issued guidelines on fintech operations within Egypt’s financial services sector.

 

Article Topics

biometric authentication  |  biometrics  |  Digified  |  digital identity  |  Egypt  |  identity verification  |  KYC