Dahab Masr Investment Group has taken a significant step towards modernizing the Egyptian gold market by adopting electronic Know Your Customer (E-KYC) technology. This marks the first implementation of such technology in the country’s gold sector, facilitated by Valify Solutions, a company specializing in digital identity infrastructure.

The introduction of E-KYC technology aims to improve the automated collection and verification of customer data. Utilizing Optical Character Recognition (OCR) and advanced document validation techniques, Dahab Masr seeks to ensure that all customer-submitted documents are both accurate and authenticated.

Dr. Fady Kamel, CEO of Dahab Masr, explained the importance of this technological integration. “By adopting E-KYC technology, we are enhancing the digital infrastructure of the precious metals sector and providing a more efficient method to verify investor identities,” he said. “This initiative reflects our dedication to maintaining transparency and security.”

Omar Abdel Wahid, co-founder and CEO of Valify Solutions, also emphasized the benefits of this collaboration. “The implementation of OCR technology will significantly increase security levels in the gold market, offering better protection for investor data through the digitization of the identity verification process,” he stated.

This initiative is part of Dahab Masr’s broader strategy to develop the precious metals market in Egypt by leveraging advanced technologies. It also aligns with the Egyptian government’s goals of enhancing financial inclusion and reducing the informal economy. By adhering to Know Your Customer (KYC) regulations, anti-money laundering (AML) measures, and counter-terrorism financing (CTF) protocols, Dahab Masr aims to contribute to sustainable economic growth.

The adoption of E-KYC technology by Dahab Masr represents a significant advancement in Egypt’s gold market. It sets a precedent for other sectors to follow in utilizing digital solutions for improved security and efficiency. This move is expected to boost investor confidence and ensure that the market remains competitive and compliant with international standards.