In a new move to develop the Egyptian gold market, Dahab Masr Investment Group has adopted the electronic Know Your Customer (E-KYC) technology provided by Valify Solutions, a company specialized in digital identity infrastructure technology. This marks the first use of such technology in the Egyptian gold market, where it is utilized to enhance the automated collection and verification of customer data. This includes Optical Character Recognition (OCR) and document validation techniques to ensure all documents submitted by customers are accurate and authenticated.
Dr. Fady Kamel, CEO of Dahab Masr, explained that this collaboration significantly contributes to strengthening the digital infrastructure of the precious metals sector, providing an efficient means to quickly and accurately verify investor identities.
Omar Abdel Wahid, co-founder and CEO of Valify Solutions, affirmed that the implementation of OCR technology will increase security levels in the gold market, offering additional protection for investor data through the digitization of the identity verification process.
This initiative reflects Dahab Masr’s commitment to developing the precious metals market in Egypt by adopting the latest technologies and adhering to the highest standards of transparency, security, and compliance with Know Your Customer (KYC) regulations, anti-money laundering (AML), and counter-terrorism financing (CTF). Additionally, this initiative aligns with the Egyptian state’s vision to enhance financial inclusion and reduce the informal economy, contributing to sustainable growth rates.
