IBM Egypt, e-finance Ink Cooperation Protocol to Set Up Digital Banking Platform in Egypt

by Nada Khaled

In line with the directives and guidelines of the Central Bank of Egypt (CBE), e-finance for Financial and Digital Investments and IBM Egypt signed a cooperation protocol to explore the creation of an artificial intelligence (AI)-integrated digital banking platform for banks and financial institutions.

The platform aspires to establish digital systems and services and make them available to banks and financial institutions to assist banks and other financial institutions in managing their operations, expanding their customer base, and offering a superior customer experience.

By providing services electronically, the platform also hopes to lower operating costs, help achieve sustainability objectives, and lessen its negative environmental effects.

Under the terms of the cooperation protocol, the alliance will supply cutting-edge technology to the banking industry and leverage the data and artificial intelligence capabilities of the IBM Watsonx platform. Additionally, IBM consulting services will be provided for the design and development of various services and systems that can be accessed through this platform.

Together with building a cybersecurity system to protect data, the alliance will further build automated business workflow systems, basic software, and infrastructure. The partnership will oversee the platform, making it accessible to banks and other financial organizations so they can create digital solutions for their clients and quicken the adoption of digital banking services in Egypt, particularly for digital banks.

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

He added: As part of this initiative, e-finance is developing plans to introduce digital technologies to banks, drawing on their experience in banking and financial services as well as their ability to maintain the operation of national systems. We were therefore excited to work with IBM to develop and implement a digital banking platform that would benefit banks by utilizing the most recent artificial intelligence technology. We are confident that Egypt’s Vision 2030 and the CBE’s financial inclusion strategy will be realized through the digital banking platform.

On her part, Marwa Abbas, General Manager of IBM Egypt, commented on the cooperation, stating: 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.

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