Thndr Leads Imda to Provide Electronic Signatures in Egypt

Thndr Leads Imda to Provide Electronic Signatures in Egypt
Source: International Banker

Thndr is leading a consortium of five fintech companies, named Imda, aiming to become a standalone electronic signature provider. Imda, consisting of Thndr Technologies Holding, Digital Finance (DFin) Holding, Digified, Masria Card (MDP) and Public Partners Insurance Brokerage (PPIB), is geared towards individual consumers in Egypt with the objective of allowing them to create digitally verified identities that can perform court-approved signatures electronically. Through Imda, the fintech consortium will be able to provide a more secure, efficient, and convenient way for users to sign documents, contracts, and agreements.

“Through Thndr, we are looking to remove all barriers and pains that users face throughout their investment journey – whether relating to account opening, associated costs, access to resources, or ease of use,” said Ahmad Hammouda, Co-founder at Thndr. “With this consortium, we could take this vision beyond just making our users’ investment journey frictionless, but also to other fintechs and individuals trying to access different financial services online.”

“Imda aims to maintain the highest level of security while ensuring ease of use. Accordingly, building a commercially viable product that is secure, affordable, and scalable, ” said Shehab Marzban, CEO and Founder at DFin. “Having such a project would take Egypt a step closer to a digital economy, which is one of the main transformational projects that Egypt has been prioritizing especially through initiatives driven by the Central Bank of Egypt and the Egyptian Financial Regulatory Authority.”

Imda is backed by an expert advisory board of seasoned executives, including Hussein El-Gueretly, former CEO at ITIDA, and current Board Member of Suez Canal Bank, Tino Waked, Regional GM at Uber Middle East and Africa, Amal Enan, MD at Global Ventures, and Hadeer Shalaby, MD at Talabat Egypt.

“The onboarding process represents the first interaction a customer has with any institution. Simplifying the process is an opportunity to ease barriers to entry, increase inclusion, and create long-term loyalty,” said Ahmed Nafie, VP of Sales & Marketing at MDP.

”A lot of very interesting initiatives have popped up over the past couple of years, including the Central Bank of Egypt’s Regulatory Sandbox that explores the implementation of eKYC technologies to assist with digital onboarding.”

Egyptians transitioned their internet usage from focusing on social accounts to focusing on commercial usage and daily activities. This paves the way for different sectors to adopt technological solutions for digital transformation, including electronically signing documents, contracts, and agreements.

Imda aims to become a standalone licensed Certificate Authority geared towards everyday individuals in Egypt and the eSignature provider of choice, whereby Imda’s digitally verified users can perform court-approved electronic signatures.

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