Tarek Fayed, chairperson and chief executive officer of Banque du Caire, signed an agreement with Andreas Andreades, chairperson of Temenos, specialised in developing banking information systems, to provide Banque du Caire with the most sophisticated T24 system in the world, applied by international banks.
According to Fayed, this step is particularly important as it comes within his bank’s new business strategy and the expansion plan it adopted in line with the directives of the Central Bank of Egypt (CBE), which is related to the development of the best global applications in the field of digital banking services.
Fayed added that the bank plans to launch a package of new products such as mobile banking and internet banking, as a hub to provide innovative digital products, as well as to develop the attractive and supportive infrastructure of financial technology.
Fayed pointed out that the encouragement of the CBE for the development of infrastructure will lead Egypt to becoming a regional centre for investment in innovative financial technology, pointing out that these applications are characterised by speed, ease, and low cost compared to traditional financial products and services, which will contribute to enabling more people to access those services, thus supporting financial inclusion.
Fayed said that the CBE is always striving to develop the attractive and supportive infrastructure of financial technology. This approach comes within the framework of the state’s keenness to stay updated with the latest financial technological solutions to transform Egypt into a digital economy and to further stimulate financial inclusion.