In a significant development for the gold investment sector in Egypt, 'Dahab Masr', a leader in this field, has announced a strategic partnership with 'blnk', a leading company in financial technology solutions (FinTech). This partnership is not just a conventional collaboration aimed at maximizing profits but marks the beginning of a new era where FinTech solutions are used to establish financial inclusion principles in this sector.
The primary goal of this partnership is to enable various segments of society to invest in this sector effectively and transparently, through 'blnk' app, in compliance with the rules set forth by the ‘Financial Regulatory Authority’ (FRA). These rules include following protocols such as 'Know Your Customer (KYC)', 'Anti-Money Laundering (AML)', and 'Counter-Terrorism Financing (CFT)', which paves the way for expanding the investor base and providing equal investment opportunities to all, regardless of their investment background or financial resources.
This application stands out for its reliance on advanced financial technology, enabling users to make quick purchases of gold bars and coins. It offers a variety of installment options and investment solutions, including a 'Buy Now, Pay Later (BNPL)' service. This allows immediate purchase of financial assets and flexible payment plans.
It also features a high level of security in financial transactions, the ability to accurately verify data, and an exceptional user experience through advanced, user-friendly interactive interfaces. This merger of gold investment and financial technology not only contributes to enhancing financial inclusion rates but also elevates the services to unprecedented levels of efficiency and customization, meeting the needs of all users.
Tamer El-Ghandour, the CCO of 'blnk', commented on this partnership, saying: “We are delighted with this step, which marks the beginning of a long journey of fruitful cooperation. We do not consider this achievement an end in itself, as ‘blnk’ is relentlessly working on developing the application and providing more investment opportunities in collaboration with 'Dahab Masr'., Our goal is to offer investment solutions that exceed customer expectations.'”
Amr Fouad, Co-founder and MD of 'Dahab Masr', also expressed his enthusiasm for this alliance in the FinTech sector, stating: “'Egypt has a rich heritage in the gold trade and is one of the oldest markets in this field worldwide. The time has come for Egypt to reclaim its deserved position as a regional hub for gold trade and investment, driven by its own people.”'
It is worth mentioning that, according to data from the Central Bank of Egypt, the financial inclusion database for individuals has shown notable progress in recent years. Statistics indicate that the percentage of individuals over 16 years old included in the financial system rose to 67.3% by June 2023. Additionally, from December 2022 to June 2023, there was an increase in the percentage of financially included citizens, with a growth rate of 5.4%, reflecting significant progress in achieving financial inclusion.